- The Global Financial service provider, Revolut, got the FCA registration to provide crypto services in the U.K.
- The firm previously worked in the Country under a program that gave the firm a reprieve while its applications were under-processed.
Revolut now will offer its financial services in the U.K. as it received the Financial Conduct Authority (FCA) registration. FCA is the regulatory body in the U.K. that has “rule making, investigative and enforcement powers.” The firm is valued at $33 Billion and got the registration on September 26, 2022.
Revolut’ Crypto Operations in The U.K.
The firm currently has more than 20 Million personal users and approximately 950k business users. It is supported by 200+ Countries and regions with over 30 in-app currencies. It previously offered crypto trading in the U.K. under a temporary registration regime (TRR) of FCA.
In the end of March 2022, the FCA permitted a few selected firms to remain on the TRR and in early April Revolut was one of five firms on TRR. Besides Revolut, there were CEX.I0, Copper Technologies, GlobalBlock and Moneybrain.
After the registration any individual or business becomes able to complain about the firm to the Financial Ombudsman Service. Also, if the firm stopped its working and owns the customer’s money then the customer can claim compensation from the Financial Services Compensation Scheme (FSCS).
The FCA officials said in a statement that “We confirm that Revolut has been removed from the temporary register and has received full registration as a crypto-asset firm.”
Additionally, “Revolut has agreed to a number of directions designed to ensure it has the systems and controls to meet the requirements of the money-laundering regulations.
In August 2022 Revolut received the authority to provide its services across the European Economic Area with the Cyprus Securities and Exchange Commision registration.
Source: https://www.thecoinrepublic.com/2022/09/28/revolut-got-the-fca-registration-for-crypto-operation-in-the-u-k/