Giant Cryptocurrency Trading Company Finally Got What It Was Waiting For: It Got License In This Important Country!

Cryptocurrency and bitcoin After a long wait, trading app Revolut has received registration from the UK Financial Conduct Authority (FCA) to offer crypto services in the UK.

The digital banking service, valued at $33 billion, was added to the UK financial watchdog’s system on Monday as a crypto-asset firm.

The firm has around 20 million clients worldwide and offers the opportunity to invest in around 80 crypto assets.

Cryptocurrency Company Revolut Could Only Operate In The UK With Temporary Permission Before

Revolut previously offered crypto buying, selling and trading in the UK under TRR, the FCA’s provisional registration system, which was set up to allow firms to continue operating while their applications are being reviewed.

When the deadline for approval expired at the end of March, FCA had allowed a certain number of firms to remain in the TRR when “strictly necessary”. As of early April, Revolut was one of five companies in TRR, along with CEX.I0, Copper Technologies, GlobalBlock and Moneybrain. None of the other four firms was subsequently confirmed.

“We confirm that Revolut has been temporarily deregistered and is fully registered as a cryptocurrency asset firm,” an FCA spokesperson said via email.

“Revolut has adopted a set of guidelines designed to ensure it has systems and controls to meet the requirements of money laundering regulations.”

FCA became the UK’s money laundering and counter-terrorism finance authority at the beginning of 2020. Crypto asset firms were then required to register for approval to offer their services in the UK. More than 100 firms applied for this purpose and 38 (including Revolut) were approved.

In August, Revolut was authorized to offer its services across the European Economic Area by registering with the Southern Cyprus Securities and Exchange Commission.

*Not investment advice.