1 day ago
The determination is simply a large measurement successful Revolut's extremity to go a planetary integer bank. Services similar crypto and banal trading stay separate.
Mar 11, 2026, 4:41 p.m.
Revolut, the London-based crypto-friendly fintech, said it received a afloat U.K. banking license, allowing it to connection a wider scope of services and providing deposit extortion for eligible funds astir 2 years aft receiving a restricted registration.
The company, valued astatine about $75 billion successful a backing circular successful November, set up a caller entity called Revolut Bank UK Ltd. and volition migrate lawsuit accounts successful coming months, according to a connection connected its website.
The improvement completes a regulatory process that began years earlier. In 2024, Revolut secured a restricted U.K. license and entered a mobilization signifier designed for caller banks. Approval comes soon aft Revolut filed for a U.S. banking license.
The slope is supervised by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the aforesaid regulatory model that governs accepted U.K. banks. The change means eligible lawsuit deposits volition suffice for extortion nether the Financial Services Compensation Scheme (FCSC), which covers up to £120,000 ($160,000) per idiosyncratic if a slope fails.
Converting accounts to the caller slope volition instrumentality spot successful stages, and users volition person announcement done email oregon in-app messages erstwhile their accounts are acceptable to move.
Most day-to-day features volition stay the same. Account numbers, benignant codes and IBAN details volition not change, the institution said, and the Revolut app volition proceed to amusement past transactions and statements.
Some services volition stay extracurricular the caller banking entity. Savings balances volition inactive beryllium held with spouse banks, each with its ain FSCS sum limits. Crypto trading, commodities and banal services volition proceed to run done abstracted Revolut entities.
More For You
Stablecoins won't get immoderate benignant of deposit security nether GENIUS rules, says FDIC chief
The president of the U.S. Federal Deposit Insurance Corp. made wide that adjacent pass-through deposit security won't beryllium allowed from third-party firms.
What to know:
- The president of the U.S. Federal Deposit Insurance Corp. outline a projected regularisation his bureau is readying to contented that helium said volition clarify that "pass-through" deposit security won't beryllium allowed to beryllium offered to stablecoin users.
- Chairman Travis Hill said that presumption aligns with the intent of the GENIUS Act that his and different national fiscal agencies are present implementing.
English (US) 