Crypto-friendly neobank Revolut secures UK banking license

Neobank Revolut, which offers services for investing in cryptocurrency and crypto-related stocks, has obtained a full banking license in the UK, The Block reported. The UK's Prudential Regulation Authority (PRA) recently lifted restrictions on Revolut's license, authorizing its legal operation within the jurisdiction. This allows the company to provide users with accounts protected by the Financial Services Compensation Scheme (FSCS). Meanwhile, Revolut's crypto trading services will continue to operate through a separate legal entity within the same app but will not be covered by the FSCS.