Revolut's temporary Crypto registration with the FCA

Elizabeth McGrath

 · 01/08/2021  · 01/08/2021

You may be aware that last year, the UK financial regulator (the Financial Conduct Authority, or the ‘FCA’ for short), introduced a requirement for all crypto businesses in the UK to register with the FCA to confirm that they comply with the UK’s money laundering regulations.

The FCA set a deadline of 10 January 2021 for all UK crypto businesses to be registered or they would need to stop offering crypto services. We submitted our application on time during the middle part of last year, but unfortunately due to a bit of a backlog, the FCA hasn’t been able to process all UK crypto businesses’ applications by this date.

That’s why we’re letting you know that the FCA has granted us a temporary registration while they work through this backlog, which is valid until 9 July 2021, pending the determination of our application. This means we can continue to offer our crypto services to use as usual. Read more about the FCA’s temporary registration regime here (on this page you can check Revolut’s, and any other firm’s temporary registration on this list).

We take our regulatory obligations very seriously at Revolut and welcome these regulations applying to crypto businesses. We know that well thought-out regulation in the crypto space is a good thing. The FCA’s registration process in particular is a step in the right direction as it should decrease the ability of criminals using crypto for illegal purposes like money laundering and terrorist financing.

We hope this will increase the public’s perception and trust in this wonderful technology. Revolut is experienced in applying advanced anti-money laundering and counter terrorist financing systems to our regulated products (e.g. payments and e-money). We apply this same technology and checks to our crypto services.

We’ll be sure to keep you updated on our registration if there are any developments.