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Revolut announced the expansion of its crypto trading service, Revolut X, to 30 new markets in Europe. This update targets experienced traders by improving access to the platform’s offerings.
Revolut X is now available to customers with accounts in the European Economic Area (EEA) or the United Kingdom. Users can trade a wide selection of over 200 cryptocurrencies.
Leonid Bashlykov, Head of Product for Revolut’s crypto exchange, explained that this expansion aims to provide a strong alternative to established trading platforms. He stated that Revolut wants to attract traders who need powerful analytical tools and real-time market data.
Revolut Prioritizes Security and Compliance
As it expands, the firm highlighted its commitment to security. Some funds on Revolut X are held in cold storage, reducing online threats. Additionally, Revolut implemented advanced risk monitoring systems to protect against potential breaches.
The company revealed that it blocked approximately $13.5 million in fraudulent crypto transactions between June and September. Revolut stated that nearly 92% of crypto trades are processed automatically. However, about 8% require further verification to comply with anti-money laundering (AML) protocols and fraud prevention measures.
Revolut Secures UK Banking License
Revolut also secured a UK banking license from the Prudential Regulation Authority (PRA) as part of its growth strategy. The license includes a mobilization phase, requiring the company to meet certain regulatory conditions before fully operating as a bank.
Read also: Revolut Secures UK Banking License, Begins Mobilization Phase
CEO Nik Storonsky expressed satisfaction over the banking license move, as the company relocated its headquarters to Canary Wharf, London. However, existing UK users will not experience immediate changes to their current services as Revolut continues to operate its e-money accounts during this transitional phase.
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