sandmark.com
Revolut has received a full UK banking licence, becoming the first licensed bank in the country to offer customers direct access to crypto assets through a regulated platform. The London-based company confirmed the approval on 11 Mar, marking a major step in its long-running effort to transition from a platform reliant on partner institutions into a fully regulated bank.
As a licensed UK bank, Revolut will now offer deposit accounts protected by the Financial Services Compensation Scheme. Eligible deposits will be protected up to £120,000 per person. This provides a familiar safety net, bringing the security standards of traditional high street banking to an app that also facilitates digital asset trading.
Normalizing digital asset exposure
The licence positions Revolut uniquely in the UK financial sector. While several platforms offer crypto trading or custody services, Revolut is the first institution operating as a fully licensed UK bank to provide direct exposure to digital assets alongside traditional banking products.
This integration signals a significant shift in how digital assets are treated by regulators and mainstream finance. By combining regulated deposit accounts with built-in access to crypto markets, the firm sits at the intersection of traditional banking and digital asset infrastructure. A platform with a $75bn valuation and 65mn users stepping fully into the regulated sphere could funnel substantial new liquidity into the market, easing the path for institutional capital and everyday adoption.
The company will begin gradually rolling out new current accounts to customers starting next week. Existing users will later be transitioned to the new banking structure, while their current app and card services will continue to function normally during the migration.
Expanding the global regulatory footprint
The UK approval comes as Revolut attempts to expand its regulatory footprint globally, particularly in the US. Earlier this month, the company applied for a national banking charter from the US Office of the Comptroller of the Currency.
If approved, the licence would allow Revolut to offer insured deposits and a broader suite of financial services directly to American customers, rather than relying on partner banks. Revolut currently operates in the US through partnerships with regulated institutions, which provide the underlying banking infrastructure for its debit accounts and payment services.
Obtaining a national charter would bring the company under direct federal supervision and potentially allow it to compete more aggressively with other digital payment platforms. This steady regulatory push transforms the company from a payments-focused fintech into a global digital bank capable of operating across both traditional and crypto financial markets.