Bank of England Delays Revolut UK Banking Licence Amid Regulatory Scrutiny

Generated by AI AgentCoin World
Friday, Aug 8, 2025 10:31 am ET1min read
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Aime RobotAime Summary

- UK regulators delay Revolut's banking licence amid scrutiny over fintech oversight efficiency and corporate governance.

- Revolut's $65B valuation and 10M global customers highlight regulatory challenges for large fintechs entering traditional banking.

- CEO Storonsky and BoE's Bailey maintain constructive dialogue while 2025 licensing timeline remains unchanged.

- Crypto services unaffected and auditor transition to EY seen as compliance support amid no public regulatory conflict.

The Bank of England has come under increased attention regarding the ongoing delay in granting Revolut a UK banking licence, amid mounting scrutiny from government officials and financial observers. While no public dispute has been confirmed between the Bank of England and Revolut, the delay has raised questions about regulatory efficiency and the challenges faced by large fintech firms entering the traditional banking sector. Revolut’s CEO, Nikolay Storonsky, and Bank of England Governor Andrew Bailey remain central figures in the evolving situation. The company has emphasized that it is “working constructively with the PRA” to meet regulatory requirements [1].

The licensing process for Revolut is considered the most extensive in the UK to date, given the scale and global reach of the fintech firm. With over 10 million customers across 40 countries and a valuation of $65 billion, Revolut’s entry into the UK banking sector represents a significant shift in the financial landscape. This delay follows a pattern seen in previous fintech applications, such as those from Monzo and Starling, though Revolut’s size and international footprint make its case distinct. Experts suggest the delay is not necessarily indicative of regulatory resistance, but rather a reflection of the complexity involved in assessing a firm of such magnitude [2].

Regulatory experts have pointed to the importance of compliance milestones in the licensing process. Although frustrations are evident among some stakeholders, the UK fintech community remains cautiously optimistic that the situation will be resolved without major disruptions to market stability. Revolut’s Chair, Martin Gilbert, has stated that the company expects to begin operating as a licensed UK bank in 2025 [3]. Meanwhile, Revolut’s cryptocurrency services continue to operate under UK e-money regulations, with no direct evidence of operational or asset-related disruptions linked to the licensing delay. Trading of major crypto assets such as

Bitcoin
(BTC) and
Ethereum
(ETH) remains unaffected [4].

The ongoing scrutiny has also coincided with a transition in Revolut’s auditor to EY, a move that analysts believe could support the firm’s regulatory compliance efforts. Although there have been no official statements regarding potential market consequences of the delay, historical trends suggest that similar fintech licensing delays have not led to significant market-wide impacts. The absence of public conflict between the Bank of England and Revolut further underscores the complexity of the issue, with both parties maintaining a neutral stance [5].

Sources:

[1] Bank of England Addresses Revolut Banking Licence Delay Scrutiny

[2] Revolut Faces Government Scrutiny Over UK Licence

[3] Revolut&039;s Unique Scale Compared to Monzo and Starling

[4] Revolut&039;s Crypto Services Unaffected by Licence Delay

[5] Bank of England Addresses Revolut Banking Licence Delay Scrutiny

Url: https://coinmarketcap.com/community/articles/6896078705f6c41c6f2e43c2/