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Revolut obtains a banking license in the UK and officially launches regulated banking services
According to The Block, Revolut has received approval from the UK's Prudential Regulation Authority (PRA) to officially launch Revolut Bank UK, which will offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS) for approximately 13 million users in the UK (with a maximum protection of £85,000 per person).
The company will migrate users to the new banking platform in phases, while cryptocurrency trading services will continue to operate through a separate entity and will not be covered by FSCS protection. Revolut also announced plans to invest £3 billion in the UK and create 1,000 high-skilled jobs, with a goal to expand to 30 new markets globally by 2030.
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