UK-based digital bank Revolut will reportedly stop US clients from accessing cryptocurrencies. This, according to an official statement from the firm that was issued on Friday (August 4, 2023). Revolut has cited the current US regulatory environment and the overall crypto market uncertainty as the main reasons to suspend such services.
As first reported by Reuters, Revolut‘s management noted:
“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we’ve taken the difficult decision, together with our U.S. banking partner, to suspend access to cryptocurrencies through Revolut in the U.S..”
From September 2, 2023, US clients will no longer be permitted to acquire cryptocurrencies via the Revolut platform. Starting from October 3, 2023, purchasing, selling and even holding crypto-assets will be disabled for US clients.
Revolut stated that this decision should affect less than 1% of the Fintech firm’s crypto customers worldwide.
In other recent updates from the Fintech firm, it was revealed that Revolut Bank UAB, the European entity of the financial superapp licensed and regulated by the Bank of Lithuania, has appointed Dovilė Grigienė as “a new member of its Supervisory Council. Her addition will strengthen the existing team of four members.”
D. Grigienė embarked “on her professional journey in banking and financial services in the United States over 20 years ago.”
Dovile built a diverse portfolio of professional business experience “in financial services, banking, asset and wealth management & insurance fields throughout the years and during 2013-2021 she was the Chairperson of the Board and CEO of Swedbank Lithuania, one of the largest financial institutions in the Nordic countries.”
In this role, she led a traditional commercial bank “catering to a diverse client base, including private individuals, households, and businesses, offering a full spectrum of financial products.”
Throughout her career, D. Grigienė has “held various Board positions in the banking, asset management, insurance, and telecommunication sectors, as well as in non-profit organizations.”
Peter Stevens, Chairman of the Supervisory Council at Revolut Bank, said:
“We are absolutely delighted to welcome someone with such a robust background to the bank and look forward to working alongside.”
D. Grigiene has also been “actively involved in sustainability initiatives, women’s leadership and empowerment projects.”
She co-founded association Lydere focused “on female empowerment and was one of the co-founders of international leadership organization YPO Lithuania.”
D. Grigiene has served “as a mentor in various women’s leadership programs.”
Apart from D. Grigienė, the Supervisory Council of Revolut Bank “comprises four other members: Peter Stevens, Caroline Britton, Markus Krebsz and Vytautas Valvonis.”
The Management Board currently “consists of Joe Heneghan, Andrius Bičeika, David Corrigan, Felipe Penacoba Martinez, Oliver Schreiber and Vytautas Danta.”
