Revolut meets FCA's money laundering standards and wins right to offer crypto in the UK.

London-based fintech unicorn Revolut has won the right to offer crypto services in the UK after meeting the Financial Conduct Authority's (FCA)  money laundering standards. 

According to the FCA's Financial Services Register, Revolut was included on the register yesterday, 26 September. 

Operating as an authorised electronic money institution since May 2018, Revolut has been trying to obtain a place on the FCA's cryptoasset firm register since January 2021. 

"We are delighted to have received full registration as a crypto asset firm," a spokesperson at Revolut told AltFi. 

Revolut's addition to the register takes the number of firms allowed to operate cryptoasset exchange and custodial services to 38. 

Source: FCA Register

An FCA spokesperson told AltFi: “Revolut has agreed to a number of directions designed to ensure it has the systems and controls to meet the requirements of the money laundering regulations".   

Revolut's addition to the register takes the number of firms allowed to operate cryptoasset exchange and custodial services to 38. 

Other firms who have passed the FCA's anti-money laundering and counter-terrorist financing (AML/CFT) standards include Gemini, Kraken, eToro and Archax. 

Crypto exchange Crypto.com was the latest to be added, making the list in August. 

At present, 38 out of 248 crypto firms seeking registration have met the FCA's standards and subsequently been granted the right to operate in the UK.

Since 10 January 2020, the FCA has mandated that any firms wishing to undertake crypto activity in the UK must be registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). 

Last Friday, the FCA warned consumers that crypto exchange FTX is "targeting people in the UK" adding that consumers are "unlikely to get your money back if things go wrong". 

In June 2021, the FCA issued a similar warning on FTX competitor Binance, stating that the crypto giant was not permitted to undertake any regulated activity in the UK.

The FCA spokesperson added: "The FCA has a justified reputation for supporting innovation. That is built on ensuring firms meet our standards, providing consumer and investor confidence.”