Revolut Receives UK Banking License to Offer Cryptocurrency Services

July 25 - Crypto-friendly bank Revolut has been granted a banking license in the U.K., more than three years after applying for one.Revolut said Thursday that it has entered the U.K. Prudential Regulation Authority's (PRA) “mobilization stage,” designed for new banks to operate under restricted circumstances.

The approval means Revolut is becoming an established bank in the UK and is licensed to offer cryptocurrency services. Revolut has been allowing the buying and selling of cryptocurrencies for several years and earlier this year launched a standalone cryptocurrency trading platform for experienced traders.