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UK Crypto Revolution: Revolut Launches Full-Scale Banking Operations

Revolut, the London-based fintech renowned for its crypto-friendly approach, has received a full U.K. banking license.

This milestone allows Revolut to offer a broader array of services and ensures deposit protection for eligible funds, enhancing customer trust.

The new entity, Revolut Bank UK Ltd., will start migrating customer accounts in stages, maintaining existing account numbers and transaction histories.

This regulatory approval follows Revolut's earlier restricted U.K. banking license obtained in 2024 and a recent application for a U.S. banking license.

Under this new structure, eligible deposits will be protected by the Financial Services Compensation Scheme, safeguarding up to £120,000 ($160,000) per person.

While most features will remain unchanged, certain services like crypto trading and savings balances will still operate under separate frameworks.

This strategic move is expected to enhance Revolut's position in the competitive fintech space, particularly for crypto services.

Investors are optimistic about the growth potential stemming from this significant regulatory development.

As the U.K. adapts its regulatory stance toward cryptocurrency and digital finance integration, Revolut is positioned to lead the charge.

This evolution could prompt other financial institutions to embrace similar models, dramatically reshaping the crypto banking landscape in the U.K.