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.FinTechRead More

You might also be interested in reading Hanover Bancorp declares $0.10 dividend.