Revolut are NOT crypto friendly – don’t be fooled!

Hi,

I founded a startup earlier this year selling and storing crypto-currencies and crypto hardware such as hardware wallets. We also provide consultancy to businesses on how to accept crypto payments.

This is the second startup I have founded and my first (not crypto-related) is in its 5th year of business.

All my paperwork, insurance and business filings are in order and legal. We have voluntarily registered for AML with HMRC.

While I was looking for a crypto-friendly bank I found Revolut. They seemed to be a good choice because people have been working with them and Coinbase.

When opening an account I decided to tell them exactly what we were doing, thinking they would be receptive. This is the response I got:

We are unable to open a Business account for you at this time. Having carefully considered your application, we regret that we are unable to offer you an account at the present time, and your application has been declined. Various factors have been taken into consideration in arriving at this decision and unfortunately, certain aspects of your application do not conform to Revolut's policies at this time and therefore it has been abandoned. Please accept our sincere apology that we are unable to provide any further information, and regrettably, there is no appeals pathway available in this instance. Thank you for your interest in Revolut for Business but we regret that on this occasion we are unable to assist. Kindest

I have worked freelance in the finance industry for over a decade and I know my personal information and my business are all correctly registered. The only thing different on this application is the fact I mentioned cryptocurrencies.

So, Revolut will not open a business account for a new business that deals with crytocurrencies. Please be aware of this when choosing who to do your banking with.

It is issues such as this that will severely hinder adoption and prevent bringing a new finance system to the wider population.

BitBigger

Submitted January 25, 2018 at 08:27AM }
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