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Revolut CEO Breaks Silence on Russian-Ukraine War, Condemns Violence

The Chief Executive Officer of a digital banking app Revolut Nikolay Storonsky has condemned the Russian invasion of Ukraine, the first time he is publicly talking about the event.

“For me, as for so many, the idea of a war between Russia and Ukraine is not just horrifying, it is almost impossible to believe. As recently as last week, I was still convinced that a diplomatic solution would be reached, and it was with complete disbelief and sadness that I looked on at the violence of this past week,” he said calling on all sides to end the war.

According to Storonsky, the broken diplomatic ties between Russia and Ukraine to war is uncalled for, seeing that citizens from both countries are more of kinsmen.

Storonsky pointed out that despite the fact that he is British, he was born in Russia to a Ukrainian father, and that his co-founder in Revolut, Vladyslav Yatsenko is Ukrainian, noting that he has many people he cares about in both regions.

“Today, in solidarity with the people of Ukraine, I am announcing that every donation made to the Red Cross Ukraine appeal will be matched by Revolut. For every pound or euro or złoty or franc donated by a Revolut customer to the appeal, Revolut will donate the same again, from today for the next 7 days, up to £1.5m.”

Unlike other mainstream companies in the payment ecosystem like Mastercard, Revolut has not yet halted its services in Russia, partly due to the fact that Storonsky believes the residents in Russia are as harmless and a victim as much as those in Ukraine. However, the company has aided the free flow of donations to more than £1 million generated in support of the humanitarian efforts to Ukraine within 24 hours.

Revolut Launches Learn & Earn Program in Partnership with Polkadot

Revolut, a London-based financial technology company that offers banking services, has announced the launch of its flagship ‘Learn & Earn’ education courses.

The new courses are designed in conjunction with Polkadot and the program is designed to award as much as $15 to learners who complete the courses and pass the quiz at the end of the course.

The fintech unicorn said the Learn and Earn course was created to bring the right educational exposure to users bordering on cryptocurrencies, and the most popular blockchain networks. The course is divided into two, with ‘Crypto Basics’ and the ‘Polkadot Multichain Network’ being the outlines.

Under the Crypto Basics, the program will “educate customers on what cryptocurrencies are compared to fiat money; the meaning of a ‘decentralised system’; cryptography; the mechanics of the blockchain technology; and the risks associated with crypto investments.”

The insight into the Polkadot multi-chain network will showcase how the protocol unites blockchains in the Web3.0 ecosystem. As announced by the firm, the program will use “visual materials including interactive cards and videos to share key insights about Polkadot’s native token, DOT, as well as Polkadot’s use cases, Polkadot’s governance system, and the Polkadot’ Relay Chain’, the central chain used by the Polkadot network that allows specialised and public blockchain to connect in a unified network.”

Learn and Earn is one of the most common methods through which blockchain and crypto startups fuel interest amongst the masses to learn about their projects while earning incentives along the side. The concept is widespread amongst crypto trading platforms. However, the move by Revolut to launch a similar program is evident that there is a need to fuel the acceptance of crypto across the board.

“There’s a huge appetite from our customers to learn more about cryptocurrencies. ‘Learn & Earn ‘will help them better understand the trends, risks, and potential opportunities associated with Crypto. Our collaboration with Web3 Foundation on Polkadot, one of the most popular blockchain networks, will help customers become more familiar with crypto concepts,” said Emil Urmashin, Crypto General Manager at Revolut.

While starting with Polkadot, Revolut is optimistic the courses will be expanded to more protocols shortly.

Revolut Launches Cryptocurrency Exchange Services in Singapore

British Fintech firm, Revolut has launched a digital currency trading service in Singapore.

As reported by the Business Times of Singapore, the platform’s users will now be able to buy, sell and hold as many as 80 different digital currencies.

The launch of the digital currency trading services comes following the in-principle approval the London-based fintech firms received from the Monetary Authority of Singapore back in April. According to the report, Revolut will let its users change 27 different fiat currencies, gold and silver, into digital currencies of their choice without attracting foreign exchange fees.

Fees, however, will be incurred in general for core transactions and will be charged based on the tier level of the customer. As pointed out, customers with standard tiers will pay 2.5% in fees, while premium and metal customers will pay 1.5% in fees.

“We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency,” said Deepak Khanna, head of wealth and trading at Revolut Singapore, “We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards.”

Revolut comes off as one of the few outfits that have permission to operate crypto exchange-related services in the country as the Monetary Authority of Singapore (MAS) is becoming more strict with crypto-hinged regulations. The collapse of Terraform Labs, Vauld Group, and Three Arrows Capital, all of which have ties to Singapore, has even made the MAS more cautious in a bid to protect consumers.

Known for its customer-centric offerings, Revolut said its presence in Singapore is growing across the board, with its customer base growing by as much as six-fold since the outbreak of the coronavirus pandemic. The fintech company also revealed that its revenue run rate has more than doubled in the past 12 months, a situation that serves as a very good ground for its business in both the country and globally.

Crypto-Friendly Revolut under Pressure after UK Regulators Find Audit Flaws

UK financial regulators have identified flaws in the auditing accounts of Revolut, a British neobank offering crypto investment services. The Financial Times media reported the matter on Monday.

According to the Financial Times, The Financial Reporting Council (FRC), a UK watchdog responsible for regulating auditors, accountants, and actuaries, recently issued a report showing that an audit conducted by BDO accountancy firm on Revolut was insufficient and therefore runs a “high risk of material misstatement, which can risk undetected material misstatement.”

Revolut is, therefore, now under pressure from its auditors to improve internal controls (the systems that ensure its financial reporting is reliable) so that it complies with legal and regulatory requirements.

The UK’s regulator also identified deficiencies in how Revolut’s payment processes were tested by the BDO, one of the country’s largest audit firms by revenue.

According to the agency, such deficiencies could have caused compromised results in the audit and, therefore, created an unrefined picture of the fintech company.

However, the latest attempt for a more rigorous approach by BDO on Revolut’s working model might lead to delays in filing its accounts for key Revolut subsidiaries, the majority of which are due at the end of the month.

The firm is currently late on filing accounts for Revolut Newco UK Ltd., the entity delegated for holding its delayed banking license applied for the fintech in the UK.

The neobank is also due to file accounts of its other UK subsidiaries, including its digital assets and travelling branches, at the end of September 2022.

Although delays in filing accounts are rarely punished in the UK, it could lead to the prosecution of the company’s directors and civil penalties against the firm under British laws.

The Firm Facing Growth Challenges

Early last month, Revolut launched a digital currency trading service in Singapore amid a tightening regulation from regulators.

In July, Revolut was struck by the exit of five key executives, including its UK regulatory and risk bosses, amid uncertainty over its banking license.

The departures come as Revolut, which is currently regulated as an electronic money institution, is seeking to be authorized with a UK banking license and get full approval to offer crypto services in the UK.

Revolut, which applied for a UK banking license in January 2021, sees getting a UK banking license as a key step in its plan to become a global super app.

Earlier this year, Revolut CEO and co-founder Nik Storonsky criticized the Financial Conduct Authority (FCA) for its delay in awarding it a UK banking license. The executive described the FCA as being slower compared to other regulators.

The digital bank is also seeking to be fully approved for its crypto services by the regulator, as it is only currently on a temporary register.

Revolut Adds 29 New Tokens to Serve Clients in US

British fintech giant Revolut is deepening its foothold in the United States and has announced the addition of 29 new tokens to serve its customers.

The tokens, which include Avalanche (AVAX), Solana (SOL), and Dogecoin (DOGE), are an avenue for the company to compete for the growing market share in the country.

“Today, we’ve more than quadrupled our token portfolio to give our customers access to a much more diverse crypto offering,” Revolut global business head for crypto Mazen Eljundi said in the announcement, adding that exchange services on its platform are commission-free up to $200,000 a month.

Revolut is exploring avenues to compete with its counterparts in the US, including Gemini and Kraken, amongst others. The trading firm is also mulling the plans to add more tokens to the suite should it get the needed greenlight from the New York Department of Financial Services (NYDFS).

To offer more valued added services in the long run, Revolut also hopes to launch staking services to complete its generous no-commission trading offering.

Revolut is primarily a fintech firm but is growing strategically as a crypto payments firm. Besides its ambitious push into the US, the firm announced the launch of its cryptocurrency exchange offshoot in Singapore earlier in August. The Singapore move came after the firm tapped the in-principle approval from the Monetary Authority of Singapore (MAS).

As part of its entry into new markets, education and proper awareness are crucial to the company as it looks to offer its services in a socially responsible way.

“We plan to provide educational features in the coming months to help customers better understand the trends and risks associated with cryptocurrency,” said Deepak Khanna, head of wealth and trading at Revolut Singapore, “We believe the regulatory strengths in Singapore and proactive industry engagement are key to serving clients with the highest standards.”

In complement, the firm launched the Learn and Earn campaign featuring Polkadot in July and it is open to all users.

Revolut Finally Wins FCA Registration to Offer Crypto trading Services in UK

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Revolut, a London-based digital banking startup, has finally won a long awaiting registration from the U.K.’s Financial Conduct Authority (FCA) to offer crypto services in the United Kingdom.

Revolut becomes the latest accredited crypto asset firm register, bringing the list of companies approved to conduct crypto asset activities in the country to 38.

An FCA spokesperson discussed the development: “We confirm that Revolut has been removed from the temporary register and has received full registration as a crypto asset firm. 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.”

The FCA became the U.K.’s anti-money laundering and counter-terrorism financing authority at the beginning of 2020. As a result, the regulator requested firms conducting certain crypto asset activities nationwide to register with it. And so, more than 100 firms, including Revolut, applied for registration.

Although the registration deadline was in March this year, the FCA allowed a select number of firms to remain on the watchdog’s Temporary Registration Regime (TRR), which was introduced to enable firms to continue operating while their applications were being reviewed.

As of early April, Revolut was one of five firms on the Temporary Registration Regime, along with CEX.I0, Copper Technologies, GlobalBlock and Moneybrain. This implied that more than 60 other applications were denied registration or had withdrawn from the official register.

Efforts to Ramp Up Growth Across the World

This week, Revolut has finally received its approval, while the fate of the other four firms is still unknown. The latest move follows a series of additional regulatory achievements for Revolut around the globe as part of its efforts to launch its services to more customers.

On August 15, Revolut was granted authorization by the Cyprus Securities and Exchange Commission (CYSEC), allowing it to offer crypto services across the European Economic Area (EEA). The EEA includes the 27 nations in the European Union, including Iceland, Liechtenstein and Norway. Therefore, the U.K.’s registration license cemented the winning regulatory approval for the company’s crypto services in Europe.

Early last month, Revolut gained regulatory approval to operate in Singapore. On August 4, the firm launched its crypto services in Singapore.

With the U.K.’s FCA approval, Revolut is now fully authorized to provide crypto services in the United Kingdom. The authorization also has strengthened hopes for the firm to get a U.K. banking license that would enable it to offer its own banking products in its home country.

Revolut, which applied for a U.K. banking license in January 2021, sees getting a U.K. banking license as being a key step in its plan to become a global super app. The firm applied for 48 banking licenses across the globe, but so far, it has received 44 – still awaiting to receive some elsewhere, including in the U.K.

Revolut’s U.K. banking license may be delayed after the Financial Reporting Council (FRC) discovered flaws in its audit by U.K.’s auditing firm BDO.

Revolut faces issues with 2021 annual report

Revolut, a British-Lithuanian fintech company known for its crypto-friendly services, recently released its annual report for the year ending December 2021. The report revealed that Revolut generated a revenue of £636 million ($769 million) in 2021, a significant increase from the previous year’s £220 million ($266 million). This marks the company’s first-ever full year of profit since its launch in 2015.

Despite the positive financial news, the company’s annual report has faced issues. Independent auditors from the global accounting network BDO have reviewed the report and confirmed that it accurately reflects the state of the company’s affairs as of Dec. 31, 2021. However, the auditors also noted certain qualifications related to the report, which could impact its accuracy.

According to BDO’s qualified opinion section, the report was correct “except for the possible effects of the matters described in the basis for the qualified opinion section.” This suggests that there are certain factors that may affect the accuracy of the report, which the auditors have identified and highlighted.

Despite this, Revolut’s leadership remains optimistic about the company’s future prospects. The neobank has rapidly expanded its user base and range of services, including allowing customers to buy and sell cryptocurrencies like Bitcoin and Ethereum. The company has also expanded its operations globally, with offices in over 30 countries and plans to launch in new markets.

Revolut’s CEO, Nikolay Storonsky, expressed his satisfaction with the company’s performance in the 2021 fiscal year, stating, “We are delighted to report our first-ever full year of profitability, which is a testament to the hard work and dedication of our team.” He also emphasized the importance of innovation and growth in the company’s ongoing success, stating, “We are continuing to push boundaries and innovate in order to provide our customers with the best possible experience, and we look forward to even more growth and success in the years ahead.”

Revolut’s recent financial success and ongoing expansion efforts have cemented its position as a leading player in the fintech industry. Despite the issues with its annual report, the company’s strong financial performance and focus on innovation bode well for its future prospects.

Revolut Integrates Crypto Tax Service

An automatic tax reporting solution for bitcoin transactions has been incorporated by Revolut, a digital financial services firm that has more than 28 million customers throughout the globe. The financial technology company has formed a partnership with the cryptocurrency tax solution provider Koinly in order to simplify the tax filing process for its customers. Users of Revolut who have their accounts integrated with Koinly will have the ability to produce cryptocurrency tax reports, which will make it possible for them to assess profits and losses based on their bitcoin transactions. This will make the often complicated process of filing taxes easier, particularly for those who have more than one cryptocurrency exchange and wallet.

As a result of the increased attention that tax authorities all over the globe are paying to the cryptocurrency industry, more and more people are turning to the usage of bitcoin tax software. Danny Talwar, the head of tax at Koinly, pointed out that many cryptocurrency traders have many exchanges and wallets, which makes it very difficult to maintain accurate records. Crypto tax software helps save time and automates tax reporting, which is especially helpful given the stringent and burdensome record-keeping rules that apply internationally.

Since December of 2017, Revolut has been providing bitcoin custody services, and the most recent addition to its cryptocurrency offerings is the inclusion of an automated tax reporting service. The regulatory permission for the digital bank has been obtained in a number of countries, including a banking license in Lithuania in late 2018. In September 2022, the United Kingdom’s Financial Conduct Authority granted the fintech company permission to sell bitcoin goods and services inside the nation after reviewing the company’s proposed plans.

The incorporation of the automated tax reporting service is a component of Revolut’s overall plan to grow its services all over the globe while adhering to the regulatory standards imposed by a variety of nations. Users of Revolut will find it much simpler and more convenient to comply with tax legislation and keep up with the rapidly shifting regulatory environment if they utilize tax reporting software.

In conclusion, the integration of Revolut with Koinly’s automated tax reporting service is a big step in simplifying the process of tax reporting for the cryptocurrency users of Revolut’s platform. Because of the continued expansion of the bitcoin industry and the accompanying rise in regulatory scrutiny, automated tax reporting solutions are quickly becoming an absolute must. This is a strong evidence of Revolut’s dedication to provide creative solutions that suit the increasing demands of its consumers, and the decision to offer this service to Revolut’s users is a clear indicator of that commitment.