Revolut Securities Europe UAB (RSEUAB), the European trading subsidiary of Revolut, has received a license upgrade from the Bank of Lithuania. The firm is now classified as a Category A financial firm under the Markets in Financial Instruments Directive II (MiFID II).

Earlier this month, the Bank of Lithuania fined Revolut 3.5 million euros ($3.83 million) for deficiencies in money-laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term prevention. A routine inspection found issues with the company’s monitoring of business relationships and operations, resulting in inadequate detection of suspicious transactions, according to the bank’s statement.

RSEUAB Gains Approval to Broaden Offerings

The license upgrade enables RSEUAB to expand the range of services it is permitted to offer within the European Economic Area (EEA). RSEUAB currently provides brokerage services for Revolut Invest, a platform that allows users to trade stocks and other financial instruments. The new license provides a wider regulatory framework for supporting and developing these activities in Europe.

Bank of Lithuania Oversees Revolut Compliance

MiFID II is a key piece of EU legislation. It governs firms that provide investment services and trade financial instruments. By receiving the Category A license, RSEUAB has met the regulatory requirements set out in this directive.

The Bank of Lithuania regulates RSEUAB. It oversees the firm’s compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with EU financial rules. The regulator plays a central role in ensuring consumer protection and market integrity in Lithuania and across the EEA.

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Revolut Expands Crypto Offerings with X

Meanwhile, Revolut has expanded its crypto offering with the launch of Revolut X, a new trading app for UK users. This positions the company as a competitor to major exchanges like Binance and Coinbase.

After regulatory challenges in the UK and US, Revolut is focusing on low fees and fiat-to-crypto conversion. Revolut X offers over 100 cryptocurrencies, including Bitcoin. The launch follows efforts to integrate crypto into its broader ecosystem, including the Revolut Ramp service and a partnership with MetaMask.