Payment card issuer welding money joins other crypto companies leaving their business in Ukraine as a result of military restrictions and regulatory uncertainty in the invaded country.
Ukrainian FinTech has urged its customers to pull all their funds from the platform as they prepare to close their business in the coming weeks after suspected service disruptions.
Crypto Card Provider will terminate Ukraine’s services
Weld Money, a platform that offers payment cards that allow users to spend cryptocurrency, has recently stopped working in Ukraine, following in the footsteps of other crypto companies that have given up on working in a country governed by martial law.
On Tuesday, the startup team took it to social media to announce its decision, explaining the main reasons behind it: Ukraine’s ongoing military and regulatory restrictions.
In the post, FinTech advised clients to withdraw all funds from their card accounts and wallets by the end of next month, warning them that they could lose access afterwards.
$Welding money is closed due to military and regulatory restrictions in Ukraine.
Please withdraw funds from all your wallets and cards by June 30th.
Support – via Telegram: @alexeybobok #weld #weldmoney #crypto #shutdown #ukraine pic.twitter.com/vhhtks4a0y– Weldmoney (@moneyweld) May 27, 2025
The move comes after a customer complained about a suspension in March about welding Money’s services on its telegram channel.
Founded five years ago, Weld Money was originally specialized in traditional finance, providing users with the ability to manage accounts opened at different banks via a single mobile app.
Then, in 2022, the startup joined forces with another Ukrainian fintech bank, launching a payment card linked to crypto wallets in two exchanges, and rebranding it to HTX in 2023.
The card promoted settlements at Stablecoins USDT, USDC, Busd and Dai at merchants and stores accepting Fiat payments through MasterCard.
Welding money shares the fate of other Ukrainian startups affected by the war
The Ukrainian government has generally maintained a positive attitude towards crypto assets in a recent report that revealed that Kiev authorities are taking steps to establish strategic Bitcoin reserves in Eastern European countries.
However, rising costs and restrictions related to the war with Russia, as well as delays in regulations, have been a blow to Ukrainian crypto business. In early May, President Volodymyr Zelenskyy’s office was accused of blocking Ukraine’s long-awaited bill, “virtual assets.”
The latter is supposed to update existing rules in the crypto space, including the size of the additional fees collected to fund profit taxation and defence activities. In April, the country’s securities regulator proposed taxing crypto-related revenues at 18% and increasing military spending from 1.5% to 5%.
In addition to welding money, at least two other platforms have ended Ukrainian services since the beginning of the year. In January, Digital Asset Exchange KUNA announced its intention to end its trading activities carried out in March.
Previously, the website had been removed by Ukrainian cybersecurity agencies Special Communications and Information Protection State Services in accordance with a court order issued at the request of the country’s Economic Security Agency.
Kuna founder and Crypto entrepreneur Mikhail Chobanyan revealed in a Telegram post that the exchange was accused of tax evasion by Folklog. He added that his team is trying to clarify the allegations, saying:
“I decided to stop all commercial activities.”
On May 20, Trustee Plus ceased acceptance of new registrations from Ukraine, citing domestic regulations. The Crypto wallet provider said it has postponed planned expansion in the Ukrainian market and is focusing on the European Union. “There are many reasons, but the most important thing is the lack of legal certainty,” the company said.