A lengthy yet fruitful wait for popular European digital bank Revolut as it finally got approved by the United Kingdom’s Financial Conduct Authority to offer its crypto services in the U.K.
The bank with roughly 20 million users worldwide of which 17 million in the European Economic Area, was added to the FCA’s crypto-asset firm register on Monday.
Revolut had already been offering crypto buying, selling and trading in the U.K on a temporary basis. Also referred to as TRR, the FCA’s temporary registration regime, allowed the bank to continue to operate while its application was under review.
“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,” the FCA detailed.
Revolut said it was “delighted to have received full registration as a crypto asset firm”.
In August, Revolut was approved by the Cyprus Securities and Exchange Commission (CYSEC) to offer Bitcoin and crypto services across the European Economic Area (EEA).
The FCA was assigned the anti-money laundering supervisor for UK crypto groups in 2020, and since has been criticized by the industry over the lack of speed in processing applications. Since, over 100 firms applied with now 38 successfully added to the U.K. watchdog’s register.
The post Digital Bank Revolut Gets Green Light for U.K. Crypto Trading Services appeared first on iGaming.org.
Source: Igaming
