European Banking Licence 🏦


#115

Any idea how long it will take to get the European banking licence?


#119

9-12 Month

(20 chars)


#120

Hopefully this gets approved soon


#121

Good luck with your license!


#122

I don’t mind waiting, but my fear is what if they don’t get the licence granted at all.


#123

Isn’t that sort of unlikely?


#124

I don’t know what’s required to get the licence but I assume it involves a series of back and forth of “you can’t do this that way, change it” and it could eventually hit a wall with things like “you need a phone number people can call/sorry we can’t afford that”


#125

sorry we cant afford that :rofl:
^ Best comment today :slight_smile:


#126

Actually when adding the Mastercard card to Google Pay, the card started to show a phone number associated with Revolut (possibly for support?).


#127

Nope, this is number to block your card. Compare this:
GPay

Revolut’s website:


#128

One question that might be interesting when it comes to an eu-banking-license is – is it allowed to offer cryptocurrencies. I don’t think so. If so please point me to a bank that is doing it. ;o))

edit: Interesting read.


#129

Most likely, they will not get it in Lithuania due to political reasons. With latest funding round led by DST aka Kremlin backed guys (Yuri Milner and Alisher Usmanov) it would be a major threat to national security. Revolut founder is also Russian. There was even some hysteria about Taxi.Yandex starting operations in Lithuania.


#130

Well cryptocurrency doesn’t exist as it for authorities, therefore it’s not illegal…


#131

It might be not illegal but not permitted to deal with it as a bank. There might be different ways tho.


#132

AML is certainly critical from a regulator’s perspective. Revolut’s closed crypto offer seems to consider this.


#133

Still the problem persists. I wire money to you. You buy crypto and move it over to me. I give you cash and you buy crypto and move it over to me. I spend it by card.

Indeed if you could buy crypto only just to hold it by yourself this might be another story.


#134

I would have problems to verify the source of funds at some point. They won’t raise my top up limit if I can’t show them how the cash / transfers you are giving me were generated.


#135

That might be considering AML doesn’t work as long as cash exists.


#136

Let’s say you sell your house, put that cash on your high street bank account and then transfer it over to Revolut: you would need to provide the contract that shows that you actually sold your house.

I could not provide a legit reason why you would give me large chunks of cash. They won’t raise my top up limit based on something I can’t proof.


#137

From what I can tell it’s very simple we have a contract. ;o)