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,
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.
“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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.