Summary
- Bitcoin and crypto-friendly fintech Revolut secured a banking license in the UK.
- This approval came with restrictions including a 50k GBT limit on total customer deposits.
Today, July 25, Bitcoin and crypto-friendly fintech Revolut announced that it had received a banking license from financial regulators in the UK.
The approval of a preliminary banking license from the Prudential Regulation Authority (PRA) in the UK comes after a three-year application process for the fintech company.
Revolut CEO Nik Storonsky said in an official statement that the firm is incredibly proud to reach this important milestone in their journey and they’ll make sure to deliver on the promise to make Revolut the bank of choice for UK customers.
Restrictions During the Mobilization Period
According to Revolut, the license from the UK financial authority comes with some restrictions, as it enters a mobilization stage before getting the full license.
During this period, banks are usually faced with some restrictions including a limit of 50,000 GBP or $64,000 on total customer deposits.
Today, Revolut also sent a notice to its UK-based customers stating that the mobilization period is a common regulatory stage for new banks. During this period, they will complete the setup for their banking processes before beginning operations as a bank in the UK.
Once Revolut fully enters the market, it will be able to offer products such as mortgages and credit cards besides its existing e-money services.
The London-based business which first applied for a license back in 2021, has approximately 9 million customers in the UK, and over 45 million users on a global scale.
Revolut X Introduction Supports Bitcoin and Crypto Adoption
Besides its banking efforts, Revolut has been actively expanding its presence in the crypto industry as well. This is mirrored by the firm’s introduction of Revolut X, a specialized crypto exchange for its UK retail clientele.
On their official website, Revolut says that their “advanced crypto exchange” features include analytical tools, lower fees, and spreads. Users can switch from fiat to Bitcoin and crypto and back again, between Revolut X and their Revolut accounts without fees.
Also, earlier integrations with MetaMask for direct in-app crypto purchases and collaborations with projects such as Solana to promote meme coins are other examples of the fintech’s commitment to the crypto industry.