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Revolut wins FCA approval for crypto service

Revolut wins FCA approval for crypto service

Revolut has finally been accepted on the Financial Conduct Authority's registry of crypto asset firms following a protracted authorisation process.

Revolut has been able to continue to offer crypto buying and selling services to UK consumers under a temporary waiver since March, when the FCA deadline for registration closed for existing businesses.

The long wait for authorisation is believed to have stemmed from AML compliance issues, which have since been resolved.

The FCA's green light will provide some succour for Revolut, which is still awaiting the watchdog's approval for a UK banking licence.

Revolut submitted the licence application in January last year, and the FCA's tardiness in responding has been a source of frutration for the firm's go-getting boss Nik Storonsky. In June, he openly called out the regulator for its slow progress in processing the paperwork.

Having passed muster with the Prudential Regulatory Authority, Storonsky said it may be beneficial for certain KPIs to be put in place at the FCA, as well as “stricter timelines”, more people or “more efficient people”.

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