Fraud in the currency exchange market: National Bank fines exchangers UAH 5.6 million
25 March 2025 06:22
The National Bank of Ukraine continues to strengthen its control over currency exchangers. In 2024, the regulator conducted 150 inspections of 17 licensees and imposed fines totaling UAH 5.6 million. This was announced by the Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy Danylo Hetmantsev, "Komersant Ukrainian" reports
Results of inspections of currency exchangers: fines and complaints
According to the NBU, in 2024, 150 inspections were conducted that revealed violations in the activities of currency exchangers. The total amount of fines amounted to UAH 5.6 million. According to Danylo Hetmantsev, in 2025, the regulator recorded a decrease in the number of complaints from citizens, which, according to the NBU, indicates a successful solution to the problem.
However, the MP disagrees with this assessment. He added that he personally continues to receive appeals from citizens who point to the persistence of problems in the foreign exchange market.
“I received a response from the NBU, according to which the National Bank conducted 150 inspections of 17 licensees in 2024 and charged UAH 5.6 million in fines. At the same time, in 2025, the NBU recorded a decrease in the number of complaints, which gives the regulator confidence that the issue has been resolved. This is a confidence that we cannot share, and the complaints that come to me personally indicate that resting on our laurels is not enough, to put it mildly,” Hetmantsev wrote.
One of the main complaints in 2024 was the so-called “double rates” – different dollar exchange rates depending on the year of issue of the banknotes. This practice became widespread in 2023, when banks and exchange offices began charging additional fees for “worn-out” banknotes. The NBU then emphasized that such actions were illegal and tightened control over the activities of exchangers.
Illegal exchangers: the main problem of the market
Mr. Hetmantsev emphasized that the main threat to the foreign exchange market remains illegal exchangers and telegram channels that continue to operate despite obvious violations.
“I agree with the NBU that the key problem is illegal exchangers and telegram channels that operate with signs of criminal activity,” he said.
Such entities avoid paying taxes and are not subject to the National Bank’s regulation, which makes it difficult to combat them.
The NBU has repeatedly asked the National Police to take action against illegal operators, but, according to Mr. Hetmantsev, these requests are ignored.
“Fraudsters continue their activities without any obstacles. I am waiting for the results of consideration of the appeal to the National Police,” the MP added.
Earlier, the Verkhovna Rada Committee on Finance, Taxation and Customs Policy received appeals from citizens who complained about double exchange rates per dollar depending on the year of its issue. According to the MP, there are two problems: the abuse of legal exchangers and the work of illegal ones.
In 2023, banks and exchangers illegally introduced an additional fee for exchanging “worn-out” banknotes. After that, the National Bank emphasized that banks and exchangers have no right to demand a fee for worn-out banknotes.
