Crypto Exchange Resumes Operations in UK for 2023: A Revival in the Cryptocurrency Market

• Revolut, a global fintech giant, has resumed its crypto exchange operations in the UK, launching a standalone crypto trading platform called “Revolut X” designed specifically for its individual customers.
• The platform, initially designed for professional investors, is now accessible to all UK users with a Revolut individual account.
• Investors on Revolut X will have access to over 100 tokens with fixed fees of 0% for makers and 0.09% for takers, regardless of trading volumes.

Revolut, a UK-based fintech company, has launched a standalone crypto trading platform, Revolut X, offering competitive fees and seamless on/off ramping for individual customers.

Revolut Launches Dedicated Crypto Trading Platform for UK Individual Customers

Establishing its presence in the UK in 2015 with money transfer services and venturing into crypto trading in 2017, Revolut has emerged as the largest fintech company in the UK with a customer base exceeding 40 million worldwide. Revolut X represents a strategic move by the company to compete with leading crypto exchanges by offering seamless on/off ramping and competitive fees.

Access to Over 100 Tokens on Revolut X

Although initially designed for professional investors, the platform is now accessible to all UK users with a Revolut individual account. Investors on Revolut X will have access to over 100 tokens with fixed fees of 0% for makers and 0.09% for takers, regardless of trading volumes. The platform will initially offer the same assets found in the Revolut retail app, including Bitcoin, Ethereum, and XRP, with plans for further expansion in the near future.

Revolut’s Refocus on Crypto Services

Revolut’s refocus on crypto services comes after previous adjustments due to regulatory challenges. In December, Revolut suspended crypto trading for its commercial customers in the UK in response to new requirements set by the Financial Conduct Authority (FCA). This move aimed to provide the company with more time to comply with evolving regulatory standards. Similarly, in August 2023, Revolut suspended its crypto services in the US citing a challenging regulatory environment. This decision followed the delisting of certain tokens, including Polygon (MATIC), Solana (SOL), and Cardano (ADA), amid regulatory uncertainties in the country.

Conclusion

Revolut’s launch of a standalone crypto trading platform for individual customers in the UK marks a significant step in the company’s strategic move to compete with leading crypto exchanges. With access to over 100 tokens and competitive fees, Revolut X is set to offer a robust platform for crypto trading. However, the company’s ability to navigate regulatory challenges will be crucial in its continued expansion and success in the crypto space.