The UK's Financial Conduct Authority added Revolut to its crypto asset firm register.
The UK’s Financial Conduct Authority added Revolut to its crypto asset firm register.
The financial technology company – Revolut – received regulatory approval from the UK’s top financial watchdog to offer cryptocurrencies to local consumers. A few weeks ago, the regulator argued that the firm needs to improve its internal structure and auditing process to obtain such a license.The European fintech unicorn – Revolut – has been on an expansion path lately, and the UK was one of the destinations where it wanted to provide cryptocurrency options. As usual, the British financial regulators were not open to the idea,The watchdogs further claimed that Revolut’s auditing process has certain flaws that could cause risks for investors.
It is worth noting that Revolut’s team sees the ongoing bear market as an opportunity to double down on its efforts. Not long ago, it to increase its crypto-focused staff by 20% across the USA, the UK, and Europe over the next six months.
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