Revolut to give clients legal ownership of cryptocurrencies
Revolut, the digital or "challenger" bank, has announced a modification to its terms to allow customers beneficial ownership of their cryptocurrency portfolios.
Revolut said its customers will obtain full control of their cryptocurrency assets from 27 July 2020. However, holders of cryptocurrencies will only be able to other Revolut account holders.
The digital coins currently traded by Revolut include Bitcoin, Etherium, Bitcoin Cash and XRP.
You have complete control of your cryptocurrencies, and we will only act upon instructions you give us."
On its website Revolut said to its clients: "You will own the rights to the financial value of any cryptocurrency we buy for you. We will hold it on your behalf and you will have a right. This means you can tell us when to sell or transfer it (within the limits of these terms and conditions). You have complete control of your cryptocurrencies, and we will only act upon instructions you give us. You will not be able to carry out transactions yourself."
The e-banking firm, which is based in the UK, reminded its customers any cryptocurrency deposits are not regulated by the FCA or protected by the Financial Services Compensation Scheme (FSCS).
Revolut was founded in 2015 by Nikolay Stronosky and Vlad Yatsenkoand received its European banking licence in 2018. The company claims it has more than 10 million customers using its services around the world.
In February the fintech start-up completed a round of fund-raising that more than tripled its value, putting the company's worth at £4.2bn.
