Law enforcement authorities in Kyiv have uncovered and shut down an illegal network of currency exchange outlets operating without permits, seizing cash worth eight million Ukrainian hryvnias.
The joint operation by Ukraine's Bureau of Economic Security and the State Tax Service resulted in the seizure of 1.6 million hryvnias, more than $138,000 in US dollars, and nearly 8,000 euros during searches across the capital city.
According to a statement published on the State Tax Service website, tax officials first identified early in 2026 that several exchange locations in Kyiv were conducting foreign currency transactions without using mandatory cash registers.
Instead of issuing valid fiscal receipts, the unauthorized exchange points handed customers fake receipts that imitated official financial documentation. An audit confirmed that the outlets were not listed in the National Bank of Ukraine's official registry, leaving them with no legal right to trade in foreign currency cash.
Unlicensed operations resumed in summer
Following the initial tax inspections earlier in the year, the illegal exchange network temporarily halted its operations. However, tax authorities discovered that the unlicensed exchange points restarted their foreign currency trading during the summer.
In response, tax inspectors carried out a second series of physical checks that confirmed the ongoing violations. The State Tax Service stated that significant financial penalties are expected to be applied to the violators following the tax audits.
At the same time, detectives from the Bureau of Economic Security are conducting a pre-trial criminal investigation into the network's activities. The Bureau of Economic Security serves as Ukraine's primary law enforcement agency tasked with investigating financial crimes and illegal business practices.
Currency exchange regulation in Ukraine
Under Ukrainian financial regulations, all commercial foreign exchange providers must register with the National Bank of Ukraine, the country's central bank, and process every customer transaction through approved registrars of settlement operations. These hardware or software cash registers generate official receipts logged directly with tax authorities to ensure full transparency and tax compliance.
The central bank maintains a strict public register of authorized non-bank foreign exchange locations to protect consumer rights and curb shadow economy transactions.
As of August 1, 2026, the National Bank of Ukraine's official registry listed approximately 3,500 authorized currency exchange points operating across the country.
National Bank of Ukraine records show that the largest authorized exchange networks in the country are Premium Finance LLC with 472 registered outlets, financial company Centrofinance with 416 points, and financial company Alfa-Invest Group with 396 points.
