15:38 19.11.2018

TYME intl payment system files lawsuit against NBU

2 min read
TYME intl payment system files lawsuit against NBU

The international payment system TYME has filed a lawsuit against the National Bank of Ukraine (NBU) to invalidate the decision of June 14, 2018 to cancel the registration of the international payment system TYME, according to a press release from the company.

In the claims, the company requires that the court be obliged to renew all the licenses that have been revoked by the regulator, as well as the registration of the payment system and all its participants.

According to the statements of the NBU management, these decisions were made on the basis of the indisputable evidence received from the Security Service of Ukraine (SBU) about violations of the regulator's requirements by the TYME payment system, which entailed risks to the national security of Ukraine. TYME repeatedly requested to provide these documents for review, including through legal inquiries. The documents were not provided in the responses received from the NBU and the SBU.

The company believes that "the actions of the SBU and the NBU, represented by Yakiv Smolii, are not within the legal framework and are criminal in nature."

TYME was the only international non-bank payment system in Ukraine and until the time of its closure it was the leader in the market of payment systems in Ukraine in 2017 and the first half of 2018. In early 2018, TYME was assigned the status of a socially important payment system in Ukraine, along with Ukrposhta.

As reported, the NBU by its decision of June 14 canceled the registration of the international payment system TYME.

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