Revolut, a UK-based digital bank, is preparing to unveil a cryptocurrency exchange aimed at ‘advanced traders,’ according to emails sent to customers, asking them to test the new platform. This exchange is anticipated to offer more comprehensive analytics and reduced fees compared to the bank's existing app.
Revolut currently offers basic crypto services to many of its 30 million customers. The exchange will offer lower fees and enhanced market analytics.
Fees have been set between 0% and 0.09%, and functionality has been added to allow users to trade using limit and market orders. Limit orders are typically used when a trader wants to purchase or sell an asset at a specific price. Limit orders will incur no fees.
Officials from Revolut said that they always develop new products and functionalities, desired by their customers or asked by the market. The standalone cryptocurrency exchange is one of the future developments, but more information will be released only when the product will be available in-app. Currently this product is accessible by invite only. They will be rolling this out and inviting more customers to take part.
In February 2024, Revolut introduced an AI-powered scam detection feature to safeguard customers from card scams, enhancing existing security measures. The feature adds an extra layer of protection alongside technology already in place to detect Authorised Push Payment (APP) scams. Global data from Revolut in 2023 reveals varying levels of monetary loss across different types of scams, emphasising the importance of robust fraud prevention measures.
In December 2023, Revolut was poised to suspend certain cryptocurrency services for its UK business clients in compliance with new FCA regulations effective January 3rd 2024. This move aligns with the Direct Offer Financial Promotion (DOFP) rules set to take effect from January 8th 2023. It follows a broader trend in the industry, with firms like Bybit and PayPal adjusting services to meet regulatory standards.
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