The newly updated terms read:
“You will own the rights to the financial value of any cryptocurrency we buy for you. We will hold it on your behalf, and you will have a right. This means you can tell us when to sell or transfer it (within the limits of these terms and conditions). You have complete control of your cryptocurrencies, and we will only act upon instructions you give us. You will not be able to carry out transactions yourself.”
The customers of the disruptive banks were thrilled by the technical amendment. Nevertheless, they are dissatisfied that their cryptocurrency funds cannot exit Revolut’s system, Currency.com reports.
The challenger bank also announced that it would end crypto card payments. With that option eliminated, clients’ ability to use their digital assets in the real world will also disappear.
Revolut said that cryptocurrencies are not similar to e-money. Hence, they do not come under the FSCS or FCA regulation and protection available via its e-money license. These update measures take effect on July 27.
The alternative bank has no banking license in the United Kingdom despite operating since 2015. Its expansion into the United States in March is a moderate success. However, the COVID-19 pandemic has affected its operations negatively.
So far, Revolut has made 62 redundancies to cut costs due to the economic shock arising from the health crisis.