Revolut Secures FCA Approval to Offer Crypto Services in the U.K

Financial service provider and fintech company Revolut has finally checked out of the list of crypto companies holding temporary registration in the United Kingdom.

Significantly, it is the last of the twelve companies that were placed on that list by the U.K regulator Financial Conduct Authority (FCA) to continue delivering crypto services in the country.

Henceforth, Revolut holds full authorization to offer its products and services to citizens of the United Kingdom. It had been on the temporary registration list for up to seven months now but now ranks amongst 37 other crypto firms that have been equally authorized in the U.K.

The FCA authorization which was not a product of chance came after the regulator had ensured that Revolut was in compliance with all its citizen/customer protection standards and amended regulations like “Money Laundering, Terrorist Financing and Transfer of Funds.” Precisely, the fintech company has complied with these regulations since 2017.

Revolut Resolves Compliance Issues

Earlier, Revolut had some compliance issues with the Financial Reporting Council (FRC). Certain flaws stated as ‘an unacceptably high risk of material misstatement’ were discovered by the U.K regulator in its audit reports. 

According to BDO, an international network of public accounting, tax, consulting, and business advisory, Revolut had suffered a string of high-profile defections in its risk and compliance teams in recent months. The issue was later resolved after FRC faulted the methods and strategies employed by BDO. 

The U.K regulator FCA holds the authority to permit crypto activities in the country. Therefore, any company that wishes to offer digital crypto assets in the United Kingdom must first complete registration with the FCA. While Revolut is celebrating its full authorization from FCA, it is also expecting the banking license that it applied for in January 2021.

So far, Revolut has expanded its services across many territories including Europe and Asia. A few weeks ago, Revolut became the first firm to be approved by the Cyprus Securities and Exchange Commission CySEC to offer its services in the European Economic Area. Before then, it had launched its crypto products and services in Singapore.