Revolut receives approval for cryptocurrency trading in the UK

Previously, the company was operating in the country under the temporary registration regime

27.09.2022 - 15:10

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What’s new? The Financial Conduct Authority (FCA) of the United Kingdom has placed fintech startup Revolut on the register of companies authorized to trade cryptocurrencies. As of January 2020, companies engaged in certain types of cryptocurrency activities in the country were required to register with the FCA. Some organizations already offering such services were able to continue operating under a temporary registration regime, which was supposed to expire in March but was later extended for another six months.

Information on the FCA website

What is known about Revolut? The company was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers currency exchange accounts, debit, and virtual cards, fee-free trading in stocks, cryptocurrencies, commodities, and P2P payments. In a July 2021 funding round, the company's valuation rose to $33 billion, making it the UK's most expensive fintech startup. On August 3, Revolut added 22 new tokens to its platform, bringing the number of available cryptocurrencies to more than 80.

In August, Revolut announced plans to increase its crypto unit's headcount by 20 percent in Europe, the UK, and the US over the next six months. The company is looking for employees in compliance and financial crime prevention, as well as software engineers and lawyers with experience in the crypto industry.

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