Revolut has joined PayPal, Luno, and Bybit, which have suspended some of their digital currency services in the United Kingdom, all blaming the new FCA rules taking effect in early January.
Revolut says the move will only affect 1% of its customers and that users beyond the U.S. can still enjoy the services, but hopes to resume services in the country in the future.
Revolut Australia’s primary objective in offering international payments-focused business accounts is to become the primary financial app for Australian residents, according to CEO Matt Baxby.
Belgian accounting firm BDO Global has warned of a risk that 75% of Revolut’s 2021 revenue was materially misstated, casting doubts on the U.K. neobank’s record-setting £636 million revenue in 2021.
'Revolut Lite' is designed to be lightweight and uses a minimal amount of mobile data, which makes it perfect for use in third-world countries.
Revolut was the only firm on the FCA’s temporary registration regime and is now licensed to offer digital asset trading and custodial services in the U.K.
The Financial Reporting Council says Revolut’s auditing had an “unacceptably high risk of material misstatement” amid cost-cutting under Project Prism.
Revolut received the license from the Cyprus securities watchdog and can now serve 30 countries in Europe amid a hiring spree in digital assets division.
Revolut is bucking this year’s massive tech layoffs tide, raising headcount by 20%, including in its digital assets business which accounts for 10% of revenue.
The digital asset industry has a specific problem which, despite hurting consumers and adoption, receives little attention: dishonest advertising.
Digital banking startup Revolut has posted losses of over £106 million ($139 million) for 2019, up 300% on its losses for the previous year.
The change in terms follows the U.K. bank allowing all customers access to digital currency trading for the first time.
