The United Kingdom’s Financial Conduct Authority, or FCA, has added cryptocurrency-friendly payments app Revolut to its list of companies authorized to offer crypto products and services in the country. In a Monday update to its list of registered cryptoasset firms in the U.K., the FCA showed Revolut was in compliance with amended regulations from 2017 on ‘Money Laundering, Terrorist Financing and Transfer of Funds.’ The fintech firm joined 37 other companies with the green light to offer crypto services in the country after being granted an extension to operate as a cryptoasset firm with temporary registration in March. Firms offering …

The United Kingdom’s Financial Reporting Council has reportedly found flaws in the audit of cryptocurrency-friendly payments app Revolut which included an “unacceptably high” risk of “material misstatement.” According to a Monday report from the Financial Times, the U.K. Financial Reporting Council criticized the results of a Revolut audit released July by accountancy and business advisory firm BDO, claiming the company had an “inadequate” approach to revenue recognition and “the risk of an undetected material misstatement was unacceptably high.” The financial regulator reportedly said BDO had tested Revolut’s payment processes inadequately. Revolut was valued as a $33-billion fintech firm in July …

Revolut, a major British banking app featuring cryptocurrency investment, has secured $800 million in a new funding round. The new investment round is led by Japanese financial giant SoftBank and United States hedge fund Tiger Global, which collectively hold around 5% in Revolut, CNBC reported Thursday. The round values Revolut at $33 billion, marking a sixfold increase from the company’s valuation of $5.5 billion in 2020. The newly secured funding will help Revolut continue international expansion as well as further improve marketing and product development, Revolut's chief financial officer, Mikko Salovaara, noted. The company is particularly focused on rolling out …

Upon the announcement of the United Kingdom budget for 2020, Chancellor Rishi Sunak commissioned Ron Kalifa to conduct an independent review of the U.K. fintech sector. On Friday, eight months later, the FCA published the 108-page report, and it contains multiple clear guidelines aimed at cementing the U.K.’s position as a fintech powerhouse. Over $95 billion was spent by U.K. fintech firms in 2019, and with 10% of the global market share, the U.K. is already ahead of the curve when it comes to fintech adoption and business. Investments in U.K. fintech firms totaled $4.1 billion in 2020, notes the …

Revolut, a crypto-friendly trading app, is reportedly issuing a strong warning to its customers regarding buying and selling XRP. According to news outlet The Irish Times, the fintech firm recently sent out a notice to its customers saying it was still possible for the firm to delist or restrict trading on XRP with little or no notice. Revolut warned users that their funds could effectively be stuck without the means to sell tokens even if the price falls to zero “in a worst-case scenario.” “It’s important that you constantly reassess your crypto holdings, specifically XRP, and whether you remain comfortable …

Revolut, a major European cryptocurrency-friendly trading application is expanding to another major market. The London-based firm has launched its digital banking app in Japan, as Revolut announced in a Sept. 8 tweet. According to a report by The Nikkei, Japan is the first non-English speaking market for Revolut. Headquartered in London, the company reportedly has 13 million users worldwide, operating in European countries, the United States, Australia and Singapore. As reported, Revolut’s initial rollout in Japan will be limited to “international transfers” and “managing money in 23 currencies.” Registered users will also reportedly receive a Revolut-branded Visa debit card. Cointelegraph …

Revolut, a crypto-friendly trading app and one of the biggest fintechs in Europe, reportedly tripled its losses in 2019 despite growth in revenue and new customers. The London-based company reportedly posted a total loss of more than 106 million British pounds ($139 million), up from about 33 million pounds ($43 million) in 2018. Nik Storonsky, founder and CEO at Revolut, outlined that the massive losses in 2019 came despite a significant surge in customers, CNBC reports Aug. 11. “We increased daily active customers by 231% and the number of paying customers grew by 139%,” Storonsky noted. Over the course of …

Opera, a popular web browser, continues to expand its cryptocurrency integration by extending crypto wallet top ups to the United Kingdom. After introducing the service to the United States and some European countries earlier this year, Opera now provides crypto purchases in the U.K. through a partnership with crypto processor Ramp. Direct to the source As announced to Cointelegraph on July 24, the solution implements European Open Banking APIs and enables low-fee crypto top-ups via bank accounts or digital banking app Revolut. Charles Hamel, head of crypto at Opera, says that at the launch U.K. customers will be able to …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Forget $10,000, Bitcoin’s $12,000 breakout will catch everyone off guard Once again this week, BTC suddenly soared into five figures — hitting $10,380 soon after Donald Trump mobilized police and the National Guard to disperse protests outside the White House. The surge helped break a long-term descending trendline of $10,250 that had been in place …

Revolut fired a number of employees since the coronavirus outbreak began, according to a story from Wired. The European fintech company responded with a statement on the numbers and rationale. “As in many companies, COVID-19 necessitated cost cutting across our business and, in the last resort, we made 62 redundancies globally, representing less than 3% of our staff," a Revolut spokesperson told Cointelegraph on June 5. Revolut allegedly asked staff to quit Job redundancy refers to a certain title or position that companies determine as obsolete or no longer necessary, Market Business News explained. Claiming COVID-19 had taken a toll …

In an effort to trim expenses, European fintech outfit Revolut has allegedly urged employees to leave, according to staff interviewed by Wired. "Some of the employees allegedly pressured to leave have been left stranded in a foreign country without a job or health insurance in the middle of a pandemic," describes author Emiliano Mellino, collecting stories from multiple Revolut employees. The company reportedly staffed a great number of employees at multiple locations around the world — Krakow, Poland in particular. The Wired report also notes: "While the Polish government has expanded residency permits until the 'emergency period' ends, people from …

As a sector, plastic cryptocurrency cards have had a bumpy ride. While for some they are the perfect way to spend those hard-stacked sats, it has evidently been a struggle for crypto companies to provide such a service. Wracked by regulation, supplier issues and the volatility of digital assets, crypto debit cards have had a rough start. Nonetheless, crypto debit card use is growing and is considered an important development for the growth in the adoption of crypto around the world. So, in which countries are most of the crypto cards available? Wirex Wirex is a London-based crypto debit card …