Revolut has not yet been granted a permanent license to offer digital asset services in the UK.
UK digital bank Revolut has come under the regulator’s scrutiny for inconsistencies in its auditing process. Citing sources familiar with the matter, FT reported that the Financial Reporting Council criticized an audit by accountancy firm BDO of an unidentified “financial services provider” as “inadequate.”
“The auditors are being significantly more challenging now because they’re getting beaten up by their regulators.” However, the company is running behind in filing Revolut NewCo UK’s accounts which were due on June 10. The person familiar with the matter also said these delays could lead to the prosecution of Revolut founder and CEO Nikolay Storonsky.The news comes a little over a month after Revolut was hit by a slew of resignations from its UK risk and compliance chiefs as it remained at crossroads with regulators and delays to the company’s banking license.
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