The global financial service provider, Revolut, has obtained FCA registration to provide crypto services in the UK.
The company previously worked in the country under a program that gave the company time while its applications were not processed.
Revolut will now provide its financial services in the UK where it received the FCA registration.
FCA is the UK regulatory body with “rule-making, investigation and enforcement powers.” The company is valued at $33 billion and received registration on September 26, 2022.
Revolut “, encryption operations in the United Kingdom.
The company currently has more than 20 million personal users and about 950 thousand commercial users. It is supported by more than 200 countries and regions with more than 30 currencies within the app. Previously offered to trade cryptocurrencies in the UK under a temporary registration system (TRR) for FCA.
At the end of March 2022, FCA allowed a few selected companies to stay in TRR and in early April Revolut was one of five companies on TRR. Besides Revolut, there were CEX.I0, Copper Technologies, GlobalBlock, and Moneybrain.
After registration, any individual or company is able to complain about the company to the Financial Ombudsman Service. Also, if the company suspends its business and owns the client’s money, the customer can claim compensation from the Financial Services Compensation Scheme (FSCS).
“We confirm that Revolut has been removed from the interim register and has received full registration as an encrypted asset company,” FCA officials said in a statement.
In addition, Revolut “has approved a number of trends designed to ensure that it has the systems and controls necessary to meet the requirements of money-laundering regulations.
In August 2022, Revolut obtained the authority to provide its services via the EEA with the registration of Cyprus securities and exchanges.