630 million UAH in cash seized by BEB: How cryptocurrency became Ukraine's parallel financial system

The Bureau of Economic Security (BEB), jointly with the Office of the Prosecutor General (OPG), conducted a large-scale operation against a network of illegal exchange points and conversion centres. During investigative actions, detectives seized a record amount for the Bureau — 630 million hryvnias in cash. The network's total annual turnover is estimated in the tens of billions.

Accusations and names of those involved

Law enforcement agencies accuse the network of tax evasion and the laundering of funds obtained through criminal means. Although the company's name is not mentioned in the official release, journalists from "Ekonomichna Pravda" stated that it allegedly concerns the company "Kit Group". This structure is one of the leaders in the currency exchange and international money transfer market, actively using so-called virtual assets.

If a single player generates turnover in the tens of billions and uses hundreds of millions of hryvnias in cash, the scale of the shadow crypto market becomes obvious. The history of cryptocurrency legalisation in Ukraine is remarkably similar to the path of the gambling business: despite years of promises, the complete removal of the industry from the shadows and the implementation of transparent taxation have yet to occur.

Market scale and global trends

Cryptocurrency has ceased to be a niche pastime and has transformed into a full-fledged tool of international criminal infrastructure, used on par with banks and offshore jurisdictions for money laundering. This is evidenced by FATF data. Ukraine, being a leader in digitalisation, also holds flagship positions in the adoption of crypto.

According to the Global Crypto Adoption Index 2026 by Chainalysis, Ukraine ranked 7th among 117 countries. During the period from July 2024 to June 2025, approximately $206.3 billion in crypto assets were associated with Ukraine, which is 52% more than a year earlier. By this indicator, our country became the fourth largest crypto market in Europe after Russia, the United Kingdom, and Germany.

The National Securities and Stock Market Commission (NSSMC) provides more modest estimates: the number of virtual asset users in Ukraine is approximately 6.5 million people, and the potential annual market turnover is around $100 billion.

Three main problems of the unregulated market

Financial experts identify three key threats created by the lack of clear legislation:

• the use of crypto for laundering criminal proceeds and circumventing international sanctions;
• the expansion of the shadow sector of the economy, which leads to a decrease in state budget revenues due to the inability to administer taxes;
• the creation of an artificial currency deficit through schemes for moving financial resources out of the country.

In August 2026, the State Tax Service emphasised that cryptocurrency in Ukraine has no defined legal status, and the legislation does not establish a special procedure for its taxation. Under such conditions, market participants act according to their own rules.

Categories of players and "shuffling" mechanisms

The virtual asset market is conditionally divided into three segments:

1. Crypto exchanges. The most popular in Ukraine are WhiteBit and Binance. They lobby for the adoption of a relevant law, but such platforms often provide a high level of anonymity, allowing for tax avoidance and capital outflow.
2. Online crypto exchangers. Among the main ones are ObmenAT24 ("KIT Group"), Coin24, AnyExchange.best, 100btc, BitcoinObmennik, and Changeit. Despite the absence of a law that would classify their activities as "unlicensed", they de facto provide payment and financial services that require licences.
3. "Shuffling" points and "conversion centres". The most shadowy segment, used for moving funds abroad, including through call centres.

There are two main algorithms for such operations.

Option A involves converting crypto into cash or non-cash funds. The client transfers funds from their own wallet to the operator's wallet, after which the designated ground point "Currency Exchange" receives cash upon entering a specific code, or sends card details for crediting the funds.

Option B is "fund shuffling". The mechanism involves transferring funds between clients in different jurisdictions through the intermediary of an exchange point. Client No. 1 in Kyiv hands over cash or crypto (according to the Option A scheme) to the exchange point, while Client No. 2 (for example, in Budapest) receives the funds at a local office after deducting a commission. Cash does not physically cross the border; instead, a settlement is made through offsetting operations. These transactions completely bypass the NBU's currency control and the tax authorities.

Key operators and regulator reaction

According to sources in law enforcement agencies, the main operators of such schemes are:

• PoliMoney and Fortex Exchange. Their activities are linked to Yevhen Pulya. The court registry lists a BEB criminal case stating that Fortex.Exchange, using the licence of LLC "FC 'Centrofinans'" under the leadership of a group of individuals who, acting in prior conspiracy, organised the sale of cash to "conversion centres", the movement of cash funds between cities in Ukraine and the European Union, as well as illegal currency exchange and cryptocurrency sales.
• X-change and Obmen24. Owners — Hennadii Nestierov and Svitlana Shaparenko. In November 2025, the NBU prohibited these companies from trading currency values and providing financial services. However, despite the ban, their resources continue to operate.
• "KIT Group". Owner — Anton Tkachenko. The company is engaged in currency exchange, crypto conversion, international transfers, and other financial services. Rumours circulate in the parliamentary corridors that during BEB's activity regarding "KIT Group" cash registers, MPs Oleksandr Bakumov ("Servant of the People") and Serhiy Shakov ("Trust"), who are called close to this structure, felt the pressure.
• Money 24/7. Owner — Andrii Smirnov. In August 2026, the National Police detained Smirnov. Fraud was recorded in the network's activities, in addition to unlicensed activity.

In spring 2026, the NBU revoked the licence of LLC "FC 'Liberty Finance'" (also linked to Anton Tkachenko) due to the discovery of de facto unlicensed activity. On 9 October 2025, the NBU had already prohibited LLC "FC 'Liberty Finance'" from providing financial payment services through the internet services of "KIT Group". However, exactly one year after the revocation of licences, BEB entered this group and seized 630 million UAH, indicating that the scheme continued to operate despite the regulator's decision.

Tax losses and legislative paralysis

The parallel with the gambling business is obvious: only after the start of legalisation did the real scale of the market become clear. "Ihorika" went from 240 million UAH in taxes in 2021 to 17.4 billion UAH in 2025. The situation with crypto is more complex: it is almost impossible to estimate the real volume of shadow operations.

MP Olha Vasylevska-Smaglyuk, in an article for "Ekonomichna Pravda", cites DST data: "In the first half of 2026, the DST issued 11 analytical conclusions with signs of money laundering through virtual assets. The total amount in these cases is 9.3 billion UAH. Plus another 1.56 billion UAH in unpaid taxes and fees... So, on average, one detected case accounts for about 850 million UAH — this is many times more than in any other risky segment".

Despite the potential tax capacity, the budget receives zero from the crypto industry. Legislative initiatives regarding crypto regulation have been replacing one another for seven years, but the result is zero. As Danylo Hettmansev, head of the Verkhovna Rada committee on financial issues, notes, "the process replaces the result".

The Law of Ukraine "On Virtual Assets", adopted on 17.02.2022, has not yet entered into force, as it awaits amendments to the Tax Code. Bill No. 10225-d, adopted in principle on 03.09.2025, has been in preparation for the second reading for over a year. There are significant discrepancies between the NBU and the NSSMC regarding the boundaries of competence: the NBU advocates for a ban on exchanging crypto for cash and the use of virtual assets as a value equivalent, while Hettmansev's committee allows legal cash operations through official cash registers with financial monitoring.

Lobbying and the European dimension

Lobbyists of shadow schemes are actively intervening in the bill preparation process, seeking to preserve the status quo. According to sources in the committee, the largest political lobbyist in the issue of crypto market regulation is the leader of the "Servant of the People" faction, David Arakhamia, who allegedly exercises strategic control over the legalisation process.

An active role is played by the inter-factional association Blockchain4Ukraine, which, together with Binance and law firms Arzinger and Juscutum, created the public association "Virtual Assets of Ukraine", which is considered close to the same David Arakhamia. The board of directors of this organisation includes Oleksandr Yefremov, CEO of "Kitsoft Ukraine". This company found itself at the centre of a scandal around the "Diia" portal, where, according to journalists, the monopoly payment system became the financial company of Russians "Yedinoe Prostranstvo", registered under the name of a so-called pound and the owner of the Russian online casino Pin-UP, Dmytro Punin — Ihor Zotyok.

When the Ministry of Digital Transformation was presented with this claim and asked a direct question about who integrated the "Russians" into "Diia", they allegedly shifted the blame to Oleksandr Yefremov's "Kitsoft Ukraine".

"Commenting on the involvement of FC 'Yedinoe Prostranstvo', the Ministry of Digital Transformation said that the first paid services in 'Diia' were launched through the international technical assistance programme 'E-Governance for Accountability and Citizen Participation' (EGAP). According to the ministry, the donor itself conducted the selection of the developer, which became the IT company Kitsoft — it was they who integrated the 'Yedinoe Prostranstvo' payment system".

As of today, the legislative regulation of the virtual asset market is effectively blocked. Hope for unblocking is given by the inclusion of this issue in the priorities within the framework of European integration norms under the Ukraine Facility programme. Prime Minister Serhiy Koretskyi classified it as a priority, and it must be adopted by December 2026. However, experience shows that MPs have learned to clearly separate state interests and their own. Therefore, a fierce battle awaits us: either crypto will continue to enrich the organisers of shadow schemes, or it will finally become a tool for filling the military budget.