Home Cryptocurrency Fintech Bank Revolut Updated Its Cryptocurrency Terms

Fintech Bank Revolut Updated Its Cryptocurrency Terms

  • The UK-based leading Fintech Bank Revolut has recently updated its terms and conditions for cryptocurrencies.
  • According to the updated terms and conditions, users cannot transfer the cryptocurrencies to Non-Revolut customer.
  • Besides this, Revolut also stated that it will limit the amount of cryptocurrency the user can buy.

The UK-based leading Fintech Bank Revolut has recently updated its terms and condition for cryptocurrencies. However, it is also giving a ‘beneficial right’ to their users. The bank is offering Bitcoin, Ether, Litecoin, Ripple, and Bitcoin Cash crypto services for the clients.

Users cannot use their Revolut Card any more

According to the updated terms and conditions, users cannot transfer the cryptocurrencies to a Non-Revolut customer. Moreover, the user will have full control of their crypto, revolut will not carry out the transaction by themselves.

Additionally, the sender cannot pay in cryptocurrency through his Revolut Card any longer. Meaning, if he has funds in cryptocurrency and he made any payment by using the Revolut card, the transaction will be failed.

Pointing out to the users, the bank stated the changed policies will let Revolut increase its crypto features. Further, the bank that claimed itself as a “digital banking alternative” prompted customers not to find cryptocurrencies as an e-money on their account as it is not regulated in the UK by the FCA. Also, it is not secured by the Financial Services Compensation Scheme.

Limits on Buying Cryptocurrency

Besides this, Revolut also stated that it will limit the amount of cryptocurrency the user can buy. Thus, before accepting the payment, the bank will inform the customer about his account limit.

Recently, the UK Fintech partnered with US-based Metropolitan Commercial Bank to offer exclusive products, including the launch of its app in the US market.  Established in 2015, Revolut is the UK’s most significant startup. It has received a European banking license in 2018 and claims to have a total of 10 million customers.

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Must Read

Top Banking Regulator describes Benefits of Bitcoin and Cryptocurrency to US Senate

The cryptocurrency has become a famous instrument for sending and accepting installments for merchandise and ventures since exchanges post progressively and give...

Is Monero Entering Into a Potential Consolidation Phase After Retracing From $125?

Monero is unable to revive its positive momentum after a sharp negative divergence from the price level of $125.00The XMR/BTC pair is...

Take Out a Crypto Loan with Bitfinex Borrow

Bitfinex Borrow enables borrowers to use crypto holdings to secure a crypto loan that can be used for trading or be withdrawn...

XRP Bulls Unable to Hold Levels Above $0.260 Signaling for Potential Consolidation

XRP price levels were able to break above the crucial mark of $0.260 on Tuesday's market session as the community had buy-back...

EagleFx Services Review

Headquartered at the Commonwealth of Dominica, Eaglefx was formed in 2019 with a vision to ease trading for its customers and give...

Coinmerce Registered at the Dutch Central Bank

Coinmerce can proudly announce that we have been added to the crypto register of the Dutch central bank on November 9th, 2020. Of...

Related News

Cryptocurrency Akoin of “Cryptographic Urbanization Plan”, a significant advance in the serious clinical territory of ​​West Kenya

Akon and MMTC author Julius Mwale said in a joint assertion, "MMTC's presentation of Akoin makes way for a huge number of...

Paypal to start Crypto Service: CEO Discloses Expanded Limits, Venmo Rollout, and Expansion Plans

The organization is presently rolling out crypto usefulness to U.S. clients, after which it will dispatch the administration globally and on the...

Virtual Currencies can be Considered as Trade Fund- Iran’s Central Bank

Iranian Government is suffering from a shortage of foreign currency and so planning to promote imports by giving permission to use virtual...

Jeremy Allaire, Co-Founder & CEO Circle Keen on using PayPal to Buy Bitcoin

PayPal announced that both direct payment and in-app purchase of cryptocurrencies would officially launch by next year on their platformThere is no...

Peru Starts taking Cryptocurrencies Regulation Seriously

The bitcoins' waving prices and the resistance put up by the Peru Government resulted in bitcoins and other cryptocurrencies took a huge...