Exclusive: Revolut’s Cyprus Digital Assets Unit Chief Is Stepping Down

Costas Michael, founding CEO of Revolut's digital assets unit in Cyprus, responsible for the group's Crypto offering across the EEA, is stepping down from the role, Finance Magnates has learned. He, however, will continue to be an advisor to the board of directors of the fintech giant.

His next move after Revolut remains unknown.

Finance Magnates approached Michael, but he declined to comment on his impending exit.

The Exit of the Founding CEO

Michael was the one who set up Revolut’s Cyprus branch and has been with the fintech for the last four years. Under his leadership, the company received the first Crypto Asset Service Provider (CASP) license in the Mediterranean island and later the Markets in Crypto-Assets Regulation (MiCA) licence, which is now mandatory to offer crypto services in the bloc.

According to his LinkedIn profile, he also contributed to the launch of Revolut’s Italian branch and registered the entity in the Netherlands, Spain and Croatia.

Although his focus at Revolut was on its crypto offerings, he previously spent years with traditional financial services providers. He was the Managing Director of Poland-listed XTB’s Cyprus division for over four years and also spent more than six years at Leverate’s Cyprus office, which now offers its technology to brokers. He started his career at TFI Markets.

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Interestingly, Revolut has also entered the CFD space through a partnership with CMC Markets. After a trial in three European markets in late 2024, the fintech quietly rolled out CFDs in 29 countries, most of which are in Europe.