The European crypto unicorn has been given the green light by the Financial Conduct Authority (FCA).
Revolutionone of Europe’s largest Fintech unicorns, has received official clearance from the UK Financial Conduct Authority (CIF) offer cryptocurrencies to local consumers. The regulator had already rejected an application, but the fintach made the necessary adjustments and got the green light.
The FCA rejected Revolut’s request a few weeks ago, noting that the the company needed an administrative office to be approved, just like banks do. Additionally, they asked improve certain aspects of your audit processin order to avoid certain risks for investors.
read more: ► UK making progress on crypto regulation
The Fintech – which is looking to expand its size in Europe and the United States in the middle of the “crypto winter”– had a temporary license from the FCA to offer crypto services in the UK. With the new authorization, he already obtains the official and fixed permit.
Not everyone suffers the same fate
Although the FCA agrees with Revolut, other major companies in the crypto ecosystem are still awaiting clearance. Such is the case of FTXwho received the denial after the agency considered it “unlikely” that its users or customers recover their funds in case the company suffers a financial loss.
Fried Sam Bankmanco-founder and CEO of FTX, have publicly assured that they have been in open dialogue with the office for some time and has undertaken to comply with the obligations required. “We believe we are in compliance with UK regulations, but will act quickly if we receive advice from regulators”said the businessman.
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