December 5, 2022

Revolut Becomes Highly Crypto Friendly As FCA Has Authorized It To Offer Cryptocurrencies

The Financial Conduct Authority (FCA) of the United Kingdom has recently released a list of firms authorized to offer cryptocurrencies in the country.

The reports confirm that Revolut has become a highly credible financial technology (Fintech) firm in the United Kingdom to offer cryptocurrencies.

FCA Adds Revolut to Authorized List

The Financial Conduct Authority has made an official announcement where it has confirmed the legal status of Revolut.

Revolut is now legally authorized to operate and provide cryptocurrency-related services to users in the United Kingdom.

Revolut is a highly cryptocurrency-friendly payments application that is not only operating in the United Kingdom but is also offering services in Europe.

It has emerged as one of the largest fintech firms in the entire world that is expanding its network all over the world. With the authorization, Revolut will be offering products and services related to cryptocurrencies in the United Kingdom.

Revolut is on the Compliance List

On Monday, the Financial Conduct Authority shared a list of the authorized companies in the country with access to offering cryptocurrency services.

In the list, Revolut has been listed as a highly compliant firm that is adhering to the amended regulations from the year 2017. These regulations include Terrorist Financing and Transfer of Funds, Money Laundering, and Identity Verification.

With the approval, Revolut has joined the list of 37 firms authorized to operate cryptocurrency projects ad offer cryptocurrency services in the United Kingdom.

For now, the firm has a temporary registration to operate in the country. The information suggests that Revolut has until March of 2023 to operate and offer cryptocurrency-related services to the locals.

Initially, the temporary registration period for the exchange was to end by the end of 2022. However, the company requested an extension and it seems that the FCA has gladly approved the request.

Current Situation of Revolut

Initially, it was revealed that the Financial Reporting Council (FRC) of the United Kingdom had found multiple flaws in the Revolut audit. Therefore, the fintech firm has been issued a temporary registration and the firm has to make it a full registration after passing the audit.

As of July statistics, Revolut was valued at a high of $33 billion and it recently held a funding round that brought $800 million worth of investments in its way.

The registration for Revolut from the FCA is like a badge of honor that it has earned to operate in the United Kingdom.

The firm has now positioned itself as one of the most prominent entities offering cryptocurrency products in the United Kingdom.

Through Revolut, the cryptocurrency community in the United Kingdom would definitely experience a rise.