Revolut, crypto-friendly fintech, becomes fully licensed UK bank
Crypto-friendly fintech Revolut has secured a full U.K. banking license, enabling deposit protection for eligible funds.Summary
London-based fintech Revolut has officially received a full U.K. banking license, marking a significant step toward its goal of becoming a global digital bank. This approval allows the company to offer a wider range of services and provides eligible customer deposits with protection up to £120,000 under the Financial Services Compensation Scheme (FSCS). Revolut established a new entity, Revolut Bank UK Ltd., and will migrate customer accounts in stages. While most day-to-day features, including account numbers, will remain unchanged, certain services like crypto trading, stock services, and savings balances will continue to operate through separate Revolut entities or partner banks outside the new banking license structure.
(Source：CoinDesk)