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Ukraine’s crypto card market is shrinking fast. Weld Money, a fintech that let people spend crypto through a Mastercard-linked card, is closing its doors in the country. Users have been told to pull out their money by the end of next month or risk losing access.
According to company posts on social media, military controls under martial law and unclear rules drove the decision. The startup began five years ago offering a super-app for bank accounts. In 2022, it teamed up with Unex Bank to roll out a card tied to wallets on WhiteBIT and Huobi (now HTX). You could pay with USDT, USDC, BUSD or DAI at any shop that takes Mastercard.
Crypto Card Firm Faces Harsh Controls
Based on reports, Weld Money saw service disruptions as checkpoints and tightened checks slowed transactions. Some users flagged problems back in March on the firm’s Telegram channel. Every delay chipped away at the smooth withdrawals and payments that cardholders expected.
$WELD Money are shutting down due to military & regulatory limits in Ukraine.
Please withdraw funds by June 30 from all wallets & cards.
Support — via Telegram: @alexeybobok#WELD #WeldMoney #crypto #shutdown #Ukraine pic.twitter.com/vhHTkS4a0Y— WeldMoney (@MoneyWeld) May 27, 2025
Regulations Hold Back Fintech Growth
In April, Ukraine’s securities regulator floated a plan to tax crypto income at 18% and hike a defense surcharge from 1.5% to 5%. Lawmakers have stalled a key bill “On Virtual Assets” that was supposed to clear the fog. Until rules firm up, any company needing stable banking ties will hesitate to launch new services.
Other Players Also Pack Up
Weld Money isn’t alone. In January, Kuna – a local exchange – said it would halt trading. By March, the Economic Security Bureau, citing tax evasion claims, had even taken down its site. On May 20, wallet provider Trustee Plus stopped new sign-ups, pointing to the same legal doubts.
Home-Grown Innovation Faces Exit
Based on statements from fintech leaders, rising costs linked to the war aren’t the only issue. New limits on cash flows make budgeting tough. When major payment rails act up, small startups can’t cover tech teams and compliance checks at the same time.
Outlook Depends On Lawmakers
According to analysts following Kyiv, passing the OVA bill could turn the tide. Clear rules on profit taxes and military levies might bring back some confidence. But even then, big global firms with deep compliance staffs are more likely to stay.
Ukraine wants to be a hub for blockchain work. Yet, until peace and paperwork catch up, local players may find it too risky. For now, customers will be left scrambling to move funds. And the empty desks at small crypto firms will stand as proof that, in a country under martial law, uncertainty is costly.
Featured image from Gemini, chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
