PrivatBank blocked the account of a Ukrainian woman who bought cryptocurrency for 6.5 million hryvnias

PrivatBank blocked the account of a Ukrainian woman who bought cryptocurrency for 6.5 million hryvnias

In January 2024, a client of "PrivatBank" decided to purchase cryptocurrency. However, the bank raised concerns about the source of funds for this transaction and requested relevant explanations. Meanwhile, the woman’s access to the "Pryvat24" service was restricted.

This is reported with reference to the court’s decision.

The client provided the bank with documents confirming the source of funds, including a certificate of income and information about dividends received amounting to 16 million UAH per year. She also mentioned having official income from both her primary and additional jobs. Additionally, the client provided information about the cryptocurrency purchasing transaction itself, emphasizing that such actions are not prohibited in Ukraine.

Despite this, "PrivatBank" decided to terminate business relations with the client and close her account.

The bank’s position and the court’s decision

The bank considered the transaction suspicious due to discrepancies between the declared income of the client and the volume of financial transactions on her accounts. Specifically, according to official data, her annual income amounted to 32,000 UAH, while the volume of financial transactions on the accounts reached 1,934,354 UAH and 4,649,740 UAH.

The court deemed the bank’s actions justified, noting that "the lack of reliable information about the sources of funds and the purpose of their use" allows the bank to suspect the client’s transactions of having an illegal nature. In conclusion, the court denied the woman’s claim against the bank.