Revolut has closed approximately 14.000 accounts across three French Pacific territories due to EU regulatory constraints on its Lithuanian banking licence.
Following the announcement, Revolut has closed accounts held by customers in New Caledonia, French Polynesia, and Wallis and Futuna, effective since February 2026. The closures affect approximately 14.000 users across the three French Pacific territories and stem directly from the limitations of the company's EU banking licence, rather than any commercial rationale.
Revolut operates its European banking services through Revolut Bank UAB, a Lithuanian-incorporated subsidiary that holds an EU banking licence. This structure enables the company to serve customers across all EU and European Economic Area (EEA) member states through the EU's passporting mechanism. However, New Caledonia, French Polynesia, and Wallis and Futuna — whilst part of the French Republic — fall outside the EU and EEA regulatory perimeter, meaning the passporting framework does not extend to those jurisdictions. Revolut therefore holds no legal authorisation to offer banking services there under its current licensing structure.
A closure years in the making
According to the announcement, the process is not entirely new. Account closures in French Polynesia had already begun in 2023, following a request from France's banking and insurance supervisory authority, the ACPR (Autorité de Contrôle Prudentiel et de Résolution), which had identified accounts opened with mainland European addresses by customers residing in the Pacific territories. The February 2026 deadline formalises and completes what was already under way.
From the closure date, affected customers can no longer make card payments, use ATMs, top up accounts, or transfer funds to other Revolut accounts. Remaining balances are to be converted to EUR and transferred to an external bank account, whilst any open investment positions in stocks, crypto, or commodities must be liquidated before the deadline — or Revolut will close them on the customer's behalf.
Regulatory pushback and a potential return
The New Caledonian government has responded formally. In a letter dated 29 December 2025, the territory's economy minister wrote to France's Minister of Economy and Finance, calling on the French state to amend national law so that EU passporting recognition is extended to French overseas collectivities. The letter described the current situation as a "structural barrier", citing analysis from France's competition authority. Any such legislative reform would, however, require alignment between French national law and EU regulatory frameworks — a process likely to be complex and protracted.
However, there remains a potential path for Revolut to re-enter these markets. The company has been pursuing a French banking licence from the ACPR. If granted, an authorisation under French national law — as distinct from EU passporting — would allow Revolut to operate across all French territories, including those outside the EU's scope. Whether a commercial re-entry would follow is a separate question.
In the interim, Revolut continues to serve customers in the five French Overseas Departments and Regions — Guadeloupe, Martinique, French Guiana, La Réunion, and Mayotte — which fall within the EU regulatory framework.
The situation highlights a broader structural gap in financial services access. Residents of French territories outside the EU perimeter remain subject to a more constrained range of regulated digital banking options, and the outcome of any legislative or licensing developments is likely to be watched closely across the sector.
