Digital bank Revolut has received a banking license in the UK

The fintech company's banking division is moving to the next stage of verification of local market participants called “authorization with restrictions”. All new financial institutions in the UK must pass this stage in the licensing process to demonstrate their ability to operate.

The restricted license means that digital bank Revolut will already be able to accept customer deposits and offer its products such as credit cards, consumer or mortgage loans. However, Revolut will not be able to bring new products to market until final PRA authorization is granted. How long the “authorization with restrictions” phase will last is not specified.

Earlier, fintech company Revolut announced the completion of beta testing of its own cryptocurrency trading platform aimed at advanced crypto traders. In the announcement of the launch of the new service, it was reported that users of the platform will be able to buy and sell cryptoassets to count on reduced trading commissions of 0-0.09%, as well as get access to advanced analytics.