ChainCatcher report, according to The Block, Revolut has received approval from the UK’s Prudential Regulation Authority (PRA), and its subsidiary Revolut Bank UK has officially launched, offering deposit accounts protected by the Financial Services Compensation Scheme (FSCS) to approximately 13 million UK customers—with each individual covered up to £85,000. The company will gradually migrate users to the new banking platform, while cryptocurrency trading services will continue to operate through a separate entity, not covered by FSCS protection. Revolut has also announced plans to invest £3 billion in the UK and create 1,000 high-skilled jobs, with intentions to expand into 30 new global markets by 2030.
Revolut Launches Regulated Banking Services in the UK with PRA Approval
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Summary
Revolut has obtained PRA approval to launch regulated banking services in the UK under Revolut Bank UK, in compliance with CFT regulations. The offering includes FSCS-protected deposit accounts, covering up to £85,000, for its 13 million UK users. Crypto services will remain separate and uninsured. Revolut plans a phased migration, a £3 billion investment in the UK, and the creation of 1,000 new jobs. The company also aims to enter 30 new markets by 2030, as the debate over Bitcoin ETF approval continues.
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