Revolut reduces cryptocurrency trading fees by 20% beginning in October 2022
In recent months, challenger bank Revolut has obtained regulatory approval to provide cryptocurrency services to its 17 million clients in Europe, and the bank has declared its intent to grow its crypto workforce across the continent.
Revolut notified its customers via email on September 1 that, from October 3, 2022, its costs for buying and selling cryptocurrencies would decrease from 2.50% to 1.99% or EUR 0.99, whichever is greater.
The dip in crypto trading prices implies a fall of 20.4%; whether this is attributable to the volatility of the crypto market is unknown, since the bank has observed client interest in learning more about cryptocurrency despite the massive correction that happened in 2022.
Indeed, Revolut claimed in August that, one month after its debut, its crypto learning platform had attracted about 1.5 million users. Learners have employed the ‘Learn & Earn’ program from at least 32 nations worldwide.
Revolut Technologies Japan, Inc., the Japanese subsidiary of the London-based financial technology firm, was issued a business improvement order by the Kanto Local Finance Bureau in Japan on September 2.
Financial Services Agency (FSA) found “severe flaws” in the company’s “control environments for governance, management of outsourced contractors, and money laundering and terrorism financing risk management”
The authority went on to state that Revolut’s Japanese business lacked appropriate governance to provide money transfer services in a consistent and proper manner. In addition, the Japanese subsidiary did not appropriately and consistently analyze the key services, such as money transfer services, that it outsourced to its parent company in London.
In addition, Revolut Japan did not establish suitable controls on money laundering and terrorist funding risk management, lacked a comprehensive transaction verification methodology, and lacked detection standards for suspicious transactions.