Revolut receives crypto licence in UK

Wednesday 28 September 2022 13:04 CET | News

Revolut has received permanent approval from the Financial Conduct Authority (FCA) to run its cryptocurrency business in the UK, after months in limbo on the watchdog’s temporary register.


The news comes as the fintech awaits a decision on its UK banking licence and faces questions around its auditing and a cyber-attack that affected about 50.000 customers. The FCA became the anti-money laundering supervisor for UK crypto groups in early 2020 and has since clashed with the industry over the speed at which it has processed applications.

Revolut was among a small number of entities granted an extension to the FCA’s temporary cryptocurrency licensing programme in March 2022. It was the last company on this list as other applicants withdrew their requests, were refused registration, or had their licenses granted before the end of June. However, Revolut has now received its licence.

Revolut has received permanent approval from the Financial Conduct Authority (FCA) to run its cryptocurrency business in the UK, after months in limbo on the watchdog’s temporary register.


The registration with the FCA will allow Revolut to continue operating a UK-based digital assets business, including trading, and offering custody of crypto assets, which became a requirement in April. The FCA’s assessment focuses on controls against money laundering and terrorist financing. The company agreed to several directions designed to ensure it has the systems and controls to meet the requirements of the money laundering regulations, as the FCA says.

Past issues

In 2018, Revolut discovered a spate of suspected money laundering issues, which it reported to law enforcement authorities and the FCA. The following year, it faced questions after it emerged that it had switched off an automated system for flagging potential money laundering for several months in 2018.

Revolut has offered cryptocurrency trading since 2017, and in 2021, chief executive Nik Storonsky said the company would continue to invest in services around the volatile asset class. The fintech has faced challenges in recent months, including an exodus of senior staff such as its UK money laundering reporting officer, UK chief risk officer, UK data protection officer and both UK and global heads of regulatory compliance.

The fintech is also under pressure from auditors to improve internal controls, after UK regulators highlighted flaws in the auditing of its accounts, including an unacceptably high risk of material misstatement, as the regulators put it.

Recent developments

Revolut has launched Revolut Pro, initially launching in the UK and seven other European countries, as an income, payment, and expense management account withing the Revolut retail app. The solution is addressed to freelancers, sole traders, contractors, and self-employed individuals looking to manage business funds more easily.

The company also launched a one-click payment feature, Revolut Pay, signing retailers including Shopify, Prestashop, WH Smith, and Funky Pigeon. The feature will be available within the airline industry in the coming months, according to a statement from the fintech. Businesses will be paid within 24 hours and would be charged fees of about 1% for the service.

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Keywords: AML, KYC, compliance, cryptocurrency
Categories: DeFi & Crypto & Web3
Companies: Revolut
Countries: United Kingdom
This article is part of category

DeFi & Crypto & Web3


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