UK Fintech Bank Revolut Will Give Customers 'Legal' Ownership Over Cryptos – But With a Caveat
UK fintech bank Revolut will give its customers legal ownership over their cryptocurrencies next month, but will limit how they can spend those coins.
Fintech bank Revolut will give its users legal control of their cryptocurrencies on July 27, but the U.K.-based bank is tightening its hold on how they can actually wield it.
Revealing twin policy changes in an email sent to users and obtained by CoinDesk Monday, the mobile bank said it will cede its status as the “legal owner” of Revolut's five available cryptos – bitcoin, ether, litecoin, XRP and bitcoin cash – over to its clients who purchase them next month.
There is a catch, though: that crypto still cannot leave Revolut’s client ecosystem.
Users “can’t transfer cryptocurrency to anyone who is not a Revolut customer,” the updated terms and conditions read, detailing that while users “have complete control” of their crypto, they “will not be able to carry out transactions” themselves.
Revolut is also ending crypto card payments, one of the few ways its users could use their crypto outside the ecosystem.
While Revolut did not expressly allow customers to pay for goods using crypto under the old policy, they were able to do so if their accounts only held cryptocurrencies, with the bank exchanging crypto for fiat on its customers’ behalf. Revolut plans to suspend this ability on July 27.
The policy changes will let Revolut expand its crypto features, the bank said in its statement to users. A representative did not respond to CoinDesk requests for comment by press time.
Revolut has recently been expanding its crypto offerings and also its global presence: it entered the U.S. market in March. However, Revolut has kept U.S. residents from accessing many of its crypto tools. While U.S.-based clients can currently open a bank account, they cannot yet trade cryptocurrency on it.
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