- 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.