BES seized a record 630 million hryvnias in illegal exchange offices
The Bureau of Economic Security, together with the Office of the Prosecutor General, conducted searches at the KIT Group network of illegal exchange offices and seized a record UAH 630 million in cash. Law enforcement officials report a large-scale shadow financial system that operated for years without National Bank licenses and provided money-laundering services. This was reported by Economichna Pravda citing EP, according to the portal PromPolitInform.
After the National Bank introduced restrictions on exchange office boards and subsequently transitioned to managed floating, the difference between exchange rates decreased somewhat, but the parallel market persisted. The fearlessness of certain financial spots is explained by their operation outside the legal field, since the regulator cannot revoke a license from those who do not have one.
Details of the Law Enforcement Special Operation
Law enforcement officers conducted about 30 searches, during which they discovered computer equipment, mobile phones, documentation, and cash in various currencies, including banned Russian rubles. The network under the KIT Group signboard provided tax evasion and money laundering services without recording them in financial reporting.
Several months prior to this operation, the National Bank revoked the license of FC Liberty Finance, which previously owned the trademark. The regulator’s inspection revealed unlicensed funds transfers via internet services and Telegram bots whose addresses matched those of Liberty Finance branches.
Position of Company Management
Liberty Finance owner Anton Tkachenko in explanations to the regulator denied any connection with KIT Group resources and stated that he had sold the rights to the relevant trademarks. KIT Group itself stated in response to inquiries that it is not a financial institution and does not hold a foreign exchange license. Company representatives noted that the seized funds allegedly belong to partners, and lawyers are preparing documents to confirm the sources of their origin.
According to experts and law enforcement, the scale of such structures has turned them into a full-fledged parallel banking system. Shadow outlets serve the needs of illegal business, converting cash into cryptocurrency and stablecoins for subsequent withdrawal abroad bypassing financial monitoring procedures.
Scale of the Shadow Market
According to International Monetary Fund estimates, in 2025 the volume of stablecoin operations in Ukraine reached 58% of GDP, exceeding 100 billion dollars. At the same time, BES Head Oleksandr Tsyvynskyi highlights the problem of lacking criminal liability for unlicensed financial activities in Ukrainian legislation, which complicates the fight against shadow markets compared to European countries.
Photo: Economichna Pravda
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