Revolut Securities Europe UAB (RSEUAB), the European trading
subsidiary of Revolut, has received a license upgrade from the Bank of
Lithuania. The firm is now classified as a Category A financial firm under the
Markets in Financial Instruments Directive II (MiFID II).

Earlier this month, the
Bank of Lithuania fined Revolut 3.5 million euros ($3.83 million) for
deficiencies in money-laundering prevention. A routine inspection found issues
with the company’s monitoring of business relationships and operations,
resulting in inadequate detection of suspicious transactions, according to the
bank’s statement.

RSEUAB Gains Approval to Broaden Offerings

The license upgrade enables RSEUAB to expand the range of
services it is permitted to offer within the European Economic Area (EEA).
RSEUAB currently provides brokerage services for Revolut Invest, a platform
that allows users to trade stocks and other financial instruments. The new
license provides a wider regulatory framework for supporting and developing
these activities in Europe.

Bank of Lithuania Oversees Revolut Compliance

MiFID II is a key piece of EU legislation. It governs firms
that provide investment services and trade financial instruments. By receiving
the Category A license, RSEUAB has met the regulatory requirements set out in
this directive.

The Bank of Lithuania regulates RSEUAB. It oversees the
firm’s compliance with EU financial rules. The regulator plays a central role
in ensuring consumer protection and market integrity in Lithuania and across
the EEA.

You may find it interesting at FinanceMagnates.com: From
Tapas to Taxes: Revolut Expands Its Reach in Spain.

Revolut Expands Crypto Offerings with X

Meanwhile, Revolut
has expanded its crypto offering with the launch of Revolut X, a new
trading app for UK users. This positions the company as a competitor to major
exchanges like Binance and Coinbase.

After regulatory challenges in the UK and US, Revolut is
focusing on low fees and fiat-to-crypto conversion. Revolut X offers over 100
cryptocurrencies, including Bitcoin. The launch follows efforts to integrate
crypto into its broader ecosystem, including the Revolut Ramp service and a
partnership with MetaMask.

This article was written by Tareq Sikder at www.financemagnates.com.

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