Revolut Secures FCA Pass to Operate in UK:
The Trading Application – Revolut – has received regulatory approval from the UK’s top regulator (the FCA) to offer cryptocurrencies services to local consumers.
A few weeks ago, the regulator planned on getting the approval by improving its internal structure and auditing process.
The European fintech unicorn – Revolut – has been targeting the UK for expansion reasons lately.
Normally, the British financial regulators (FCA) were not yielding, saying the company needs to have “a back office like a bank” to get the financial pass.
However, the two sides have finally reached an agreement since the Financial Conduct Authority (FCA) added the entity to its crypto asset firm register.
Revolut former operations
Previously, Revolut performed digital asset services in the United Kingdom using a temporary license issued by the regulators.
In August, the fintech giant obtained regulatory approval from the Cyprus Securities and Exchange Commission (CYSEC) to broaden its cryptocurrency options across the European Economic Area (EEA).
Thus, it became the first entity to receive such authorization from that regulator.
The Revolut’s team sees the ongoing bear market as an opportunity and not as a setback.