What Happened: The NBU Shut Down the Money24/7 Network
On August 17, 2026, the Board of the National Bank of Ukraine (NBU) decided to ban the provision of financial and payment services by companies and online services operating under the Money24/7 brand. The ban covers several legal entities — including "MONEY24.7 AGENCY" LLC, "LEGION 1913" LLC, "OAO 1913" LLC, "TRIKOTAZHNA MOZAIKA" LLC, and other structures linked to beneficiary Andriy Smirnov. The ban applies to activity through the network's website, Telegram channels and bots, branded offices, and other information resources the network used.
The NBU's decision followed a police fraud investigation: on August 10, the organizer of the network was notified of suspicion, facing up to 12 years in prison according to investigators. The business owner reportedly admitted to significant debts and to using new clients' money to pay out earlier ones — a textbook sign of a financial pyramid rather than a legitimate exchange or financial service.
How the Scheme Worked Underneath
On the surface, Money24/7 positioned itself as a network of currency exchange points and a money transfer service, offering attractive exchange rates, cash settlements, and promises of fast, favorable exchanges. In reality, the company provided services that, by their nature, are financial and payment services — without any license and without any regulatory oversight. That meant client funds left within the system were never protected the way funds are protected at a licensed bank.
As the inflow of new clients slowed and obligations to earlier depositors piled up, the scheme began to collapse from within. This is the typical trajectory of a pyramid scheme: everything runs smoothly and fast at first, then payment delays appear, and finally the whole operation halts, followed by criminal proceedings.
Why Unlicensed "Exchangers" Are So Appealing — and Where the Trap Lies
A Rate That Seems Too Good to Be True
The main lure of such networks is an exchange rate noticeably better than what banks or official channels offer. For someone looking to exchange or transfer a few thousand hryvnias or dollars, a few percentage points can look like meaningful savings. But that "too good" rate is the first warning sign: a licensed financial institution operates within a regulated market and cannot consistently offer terms significantly better than market rates without an economic justification.
No License, No NBU Oversight
A licensed bank or non-bank financial institution is required to report regularly to the National Bank, undergo financial monitoring inspections, and meet capital and liquidity requirements. Networks like Money24/7 operated entirely outside that framework — meaning there was no guarantee that client funds were being invested or reserved anywhere at all.
No Deposit Protection
Another critical point: funds placed with an unlicensed service are not covered by state guarantees — unlike deposits held at banks participating in the Deposit Guarantee Fund for individuals. When a pyramid collapses, there is no state mechanism to recover the money — victims are left hoping for the outcome of a criminal case and possible asset seizure, a process that often drags on for years without guaranteeing a full recovery.
How to Check Whether You're Dealing with a Licensed Institution
- Check the NBU register. The official register of financial institutions and banks is available on the National Bank's website — if a company isn't listed there, that's a serious reason for doubt.
- Be wary of an "off-market" rate. If an offer differs significantly from the rate at banks and official exchange points without a clear explanation, that's a reason to pause and verify the source.
- Look at the communication channels. Legitimate financial institutions have an official website, a registered legal address, a visible license, and verifiable contacts — not just a Telegram bot and messenger accounts.
- Ask about guarantees. If funds are not insured by the Deposit Guarantee Fund and the institution cannot document that, it isn't a banking product — it's something else entirely.
Legitimate Alternatives: Where to Safely Keep and Exchange Your Money
The Money24/7 story is a reminder that appealing terms from a private network almost always cost far more than they appear to save. The safest way to keep savings, open an account for everyday spending, or take out a loan is to work with institutions supervised by the National Bank, whose terms you can transparently compare.
If you need a regular account for everyday transactions, it's worth comparing the best personal accounts at licensed banks, with transparent service terms and no hidden fees. If you want to grow your savings with interest, it's far safer to use a savings account comparison than to trust an unknown service promising outsized returns. For a larger sum over a fixed term, consider comparing term deposits at banks where your funds are protected by the Deposit Guarantee Fund. And when you need extra funds right now, it's safer to turn to licensed lenders — a loan comparison with clear terms and a real annual percentage rate is far more reliable than an anonymous network promising instant payouts with no checks at all.
Summary: What to Do Today
The collapse of Money24/7 is not an isolated case — it's another example of how financial pyramids disguise themselves as modern, "convenient" services with attractive rates and fast payouts. The NBU's response — banning the operation and pursuing criminal proceedings against its organizer — is an important market signal, but for an individual customer, the best protection is always preventive: verify an institution's license before trusting it with your money, not after your savings are gone.
Before deciding where to keep your money, exchange currency, or take out a loan, spend a few minutes comparing licensed bank offers — it's far cheaper than spending years afterward trying to get your money back through the courts.