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Digital Bank Revolut Wins FCA Registration to Offer Crypto Services in UK
The trading platform had been operating in the country under a program that gives firms a reprieve while their applications are pending.
Updated May 11, 2023, 4:18 p.m. Published Sep 27, 2022, 11:20 a.m.
Crypto trading app Revolut has won registration from the United Kingdom's Financial Conduct Authority to offer crypto services in the U.K. following a lengthy wait.
The digital banking service, which is valued at $33 billion, was added to the U.K. financial watchdog's crypto-asset firm register on Monday. The firm has about 20 million customers worldwide and offers exposure to about 80 crypto assets,
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Revolut had previously offered crypto buying, selling and trading in the U.K under the FCA's temporary registration regime, or TRR, which was set up to allow firms to continue to operate while their applications were being reviewed.
When the deadline for approval passed at the end of March, the FCA allowed a select number of firms to remain on the TRR where it was "strictly necessary." As of early April, Revolut was one of five firms on TRR, along with CEX.I0, Copper Technologies, GlobalBlock and Moneybrain. None of the other four firms has subsequently been approved.
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“We confirm that Revolut has been removed from the temporary register and has received full registration as a crypto-asset firm," an FCA spokesperson told CoinDesk via email.
Revolut didn't immediately respond to a request for comment.
“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 official said.
The FCA became the U.K.'s anti-money-laundering and counter-terrorism-financing authority at the start of 2020. Crypto-asset firms were thereafter required to register for approval to offer their services in the U.K. More than 100 firms applied with 38 (including Revolut) approved.
In August, Revolut won authorization to offer its services across the European Economic Area via registration with the Cyprus Securities and Exchange Commission. The U.K. therefore represented something of a final frontier to winning regulatory approval for its crypto services in Europe.
Read more: Coinbase Wins Dutch Approval That Should Give Crypto Exchange Access to All of EU
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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