Revolut Updates Crypto Terms to Introduce ‘Beneficial Rights’
- The banking service, however, wouldn’t allow users to transfer cryptocurrency to non-Revolut customers.

Online challenger bank, Revolut, has just updated the terms and conditions of its cryptocurrency offering, giving its users a so-called ‘beneficial right’ to their holdings. The move comes shortly after the UK Fintech allowed regular customers to access to cryptocurrency trading for the first time, a feature previously reserved for its Premium and Metal customers.
The new ‘legal rights’ come with limitation though. The crypto holder can only transfer cryptocurrency to other Revolut customers in the app, which would involve passing the buyer’s beneficial right in the relevant amount of cryptocurrency to the seller. The banking service, however, wouldn’t allow its users to transfer cryptocurrency to anyone who is not a Revolut customer.
In addition, the sender cannot pay in cryptocurrency using his Revolut Card any more. This means that if he makes a payment using Revolut card, and the only funds he has are in a cryptocurrency, the payment will fail.
Revolut launches in the US
Revolut, which bills itself as a "digital banking alternative", reminded customers that cryptocurrencies are not like the e-money in their account, thus are not regulated in the UK by the FCA or protected by the Financial Services Compensation Scheme.
Revolut holds an e-money licence, but it does not have a banking licence though it operated in the UK for five years without one.
Revolut has recently rolled out a series of new products, including the launch of its app and service in the US market in partnership with Metropolitan Commercial Bank. Before March 2020, Revolut’s services, which attracted over 10 million customers, have been available in the UK and Europe, with US applicants previously being held on a waiting list.
Revolut was founded in 2015 and claims to be signing up 250 businesses and 9000 customers every day, and projects to reach a 100 million milestone in the next four years. The startup received its European banking license in 2018 as it makes preparations for a shift in Europe’s financial services landscape after Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minister Boris Johnson was elected Prime Minister the following month, who was well-known as a headstrong Brexit supporter. While the United Kingdom was predicted to leave exit the EU by October 31st, 2019, the U.K. Parliament sought out a deadline extension that delayed voting on the new deal. Following Boris Johnson’s reelection, Brexit occurred on January 31st, 2020 at 11 pm Greenwich Mean Time. Brexit Creating Ongoing Issues in with EuropeWhile the United Kingdom is in a transition period following its departure from the EU, the U.K. is negotiating its complete trade relationship with the EU, which is the United Kingdom’s largest trade partner. Terms of this trade agreement must be met by January 1st, 2021.Should terms of this trade agreement take longer than the projected resolution date of January 1st, 2021 then the U.K. must acquire an extension no later than June 1st, 2020. Failure to do so will result in the U.K. is subject to tariff and host rule changes exercised by the E.U. This situation is referred to as the “no-deal” Brexit and should this occur the consequences could result in a significant fallout of the U.K. economy. For the past few years, many banks and lenders operating previously in the UK had been given passporting rights to the European continent. The lingering uncertainty caused by Brexit resulted in many of these lenders relocating their European headquarters within continental Europe. Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minister Boris Johnson was elected Prime Minister the following month, who was well-known as a headstrong Brexit supporter. While the United Kingdom was predicted to leave exit the EU by October 31st, 2019, the U.K. Parliament sought out a deadline extension that delayed voting on the new deal. Following Boris Johnson’s reelection, Brexit occurred on January 31st, 2020 at 11 pm Greenwich Mean Time. Brexit Creating Ongoing Issues in with EuropeWhile the United Kingdom is in a transition period following its departure from the EU, the U.K. is negotiating its complete trade relationship with the EU, which is the United Kingdom’s largest trade partner. Terms of this trade agreement must be met by January 1st, 2021.Should terms of this trade agreement take longer than the projected resolution date of January 1st, 2021 then the U.K. must acquire an extension no later than June 1st, 2020. Failure to do so will result in the U.K. is subject to tariff and host rule changes exercised by the E.U. This situation is referred to as the “no-deal” Brexit and should this occur the consequences could result in a significant fallout of the U.K. economy. For the past few years, many banks and lenders operating previously in the UK had been given passporting rights to the European continent. The lingering uncertainty caused by Brexit resulted in many of these lenders relocating their European headquarters within continental Europe. Read this Term.
Online challenger bank, Revolut, has just updated the terms and conditions of its cryptocurrency offering, giving its users a so-called ‘beneficial right’ to their holdings. The move comes shortly after the UK Fintech allowed regular customers to access to cryptocurrency trading for the first time, a feature previously reserved for its Premium and Metal customers.
The new ‘legal rights’ come with limitation though. The crypto holder can only transfer cryptocurrency to other Revolut customers in the app, which would involve passing the buyer’s beneficial right in the relevant amount of cryptocurrency to the seller. The banking service, however, wouldn’t allow its users to transfer cryptocurrency to anyone who is not a Revolut customer.
In addition, the sender cannot pay in cryptocurrency using his Revolut Card any more. This means that if he makes a payment using Revolut card, and the only funds he has are in a cryptocurrency, the payment will fail.
Revolut launches in the US
Revolut, which bills itself as a "digital banking alternative", reminded customers that cryptocurrencies are not like the e-money in their account, thus are not regulated in the UK by the FCA or protected by the Financial Services Compensation Scheme.
Revolut holds an e-money licence, but it does not have a banking licence though it operated in the UK for five years without one.
Revolut has recently rolled out a series of new products, including the launch of its app and service in the US market in partnership with Metropolitan Commercial Bank. Before March 2020, Revolut’s services, which attracted over 10 million customers, have been available in the UK and Europe, with US applicants previously being held on a waiting list.
Revolut was founded in 2015 and claims to be signing up 250 businesses and 9000 customers every day, and projects to reach a 100 million milestone in the next four years. The startup received its European banking license in 2018 as it makes preparations for a shift in Europe’s financial services landscape after Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minister Boris Johnson was elected Prime Minister the following month, who was well-known as a headstrong Brexit supporter. While the United Kingdom was predicted to leave exit the EU by October 31st, 2019, the U.K. Parliament sought out a deadline extension that delayed voting on the new deal. Following Boris Johnson’s reelection, Brexit occurred on January 31st, 2020 at 11 pm Greenwich Mean Time. Brexit Creating Ongoing Issues in with EuropeWhile the United Kingdom is in a transition period following its departure from the EU, the U.K. is negotiating its complete trade relationship with the EU, which is the United Kingdom’s largest trade partner. Terms of this trade agreement must be met by January 1st, 2021.Should terms of this trade agreement take longer than the projected resolution date of January 1st, 2021 then the U.K. must acquire an extension no later than June 1st, 2020. Failure to do so will result in the U.K. is subject to tariff and host rule changes exercised by the E.U. This situation is referred to as the “no-deal” Brexit and should this occur the consequences could result in a significant fallout of the U.K. economy. For the past few years, many banks and lenders operating previously in the UK had been given passporting rights to the European continent. The lingering uncertainty caused by Brexit resulted in many of these lenders relocating their European headquarters within continental Europe. Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minister Boris Johnson was elected Prime Minister the following month, who was well-known as a headstrong Brexit supporter. While the United Kingdom was predicted to leave exit the EU by October 31st, 2019, the U.K. Parliament sought out a deadline extension that delayed voting on the new deal. Following Boris Johnson’s reelection, Brexit occurred on January 31st, 2020 at 11 pm Greenwich Mean Time. Brexit Creating Ongoing Issues in with EuropeWhile the United Kingdom is in a transition period following its departure from the EU, the U.K. is negotiating its complete trade relationship with the EU, which is the United Kingdom’s largest trade partner. Terms of this trade agreement must be met by January 1st, 2021.Should terms of this trade agreement take longer than the projected resolution date of January 1st, 2021 then the U.K. must acquire an extension no later than June 1st, 2020. Failure to do so will result in the U.K. is subject to tariff and host rule changes exercised by the E.U. This situation is referred to as the “no-deal” Brexit and should this occur the consequences could result in a significant fallout of the U.K. economy. For the past few years, many banks and lenders operating previously in the UK had been given passporting rights to the European continent. The lingering uncertainty caused by Brexit resulted in many of these lenders relocating their European headquarters within continental Europe. Read this Term.