CryptoSlate
Revolut filed with the OCC and FDIC on March 4 to establish Revolut Bank US, a full-service insured national bank handling deposits, cards, consumer and commercial lending, cross-border payments, and investment services with direct Fedwire and ACH access. Nearly six months later the application remains pending, while federal regulators in the same stretch have conditionally approved or converted bank charters for Circle, Ripple, Coinbase, Paxos, BitGo and several other crypto firms. Revolut, valued at $75 billion in a November 2025 secondary offering, serves more than 70 million customers across 40 markets.
Why it matters
The crypto firms clearing charters asked for narrower licenses. Circle, Coinbase National Trust Company, BitGo Bank, Fidelity Digital Assets Trust Company, Paxos National Trust and the new Ripple National Trust Bank all received national trust-bank approvals centered on custody, reserves and digital-asset services, not deposit banking. Bridge and World Liberty received similar stablecoin-and-custody charters, with the OCC explicitly stating that stablecoins are not deposits and carry no FDIC insurance. Revolut is asking for the harder license: an insured depository institution with full consumer and commercial banking powers, Community Reinvestment Act obligations, and Deposit Insurance Fund exposure none of the crypto trust charters carry.
Market impact
The honest comparison set is Nubank, Upstart and bunq, three other full-service insured bank applicants. Nubank received preliminary conditional approval in January, Upstart cleared the same bar in July, and bunq was denied over capital, management experience, profitability assumptions and risk to the Deposit Insurance Fund. Fair Finance Watch has formally opposed Revolut's filing over its international compliance history and CRA plan, while the Federal Fed has pressed the company on BSA and OFAC obligations. Lithuania's central bank fined Revolut €3.5 million in 2025 for anti-money-laundering deficiencies. If Revolut eventually clears, the crypto banking narrative gains a genuine full-bank chapter; if it stalls or withdraws, the boom remains a custody and stablecoin infrastructure story while insured deposit banking stays as hard to enter as it always was.
Frequently asked questions
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What did Revolut actually apply for with the OCC?
Revolut filed on March 4 to establish Revolut Bank US, a full-service insured national bank offering deposit accounts, card products, consumer and commercial lending, cross-border payments, and investment and trading services, with direct Fedwire and ACH access.
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How is Revolut's application different from the crypto trust bank approvals?
The recent OCC approvals for Circle, Coinbase, Ripple, Paxos, BitGo and Fidelity Digital Assets were national trust-bank charters focused on custody, reserves and digital-asset services. Revolut is seeking a full insured depository institution with deposit-taking, lending, CRA obligations and Deposit Insurance Fund…
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Which companies are the most direct comparison for Revolut?
Nubank, Upstart and bunq all applied for full-service insured national bank charters. Nubank and Upstart received preliminary conditional approval, while bunq was denied over capital, management experience, profitability assumptions and risk to the Deposit Insurance Fund.
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What regulatory issues have come up during Revolut's review?
Fair Finance Watch filed formal opposition citing Revolut's international compliance history and CRA plan. The Federal Reserve has pressed Revolut on BSA and OFAC obligations and CRA timing. Lithuania's central bank fined Revolut €3.5 million in 2025 for anti-money-laundering deficiencies.
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What does this mean for the broader crypto banking narrative?
If Revolut clears, the crypto banking boom gains a genuine full-bank chapter beyond custody and stablecoins. If the application stalls or is denied, the boom remains mostly a custody and stablecoin infrastructure story, while insured deposit banking stays as hard to enter as it always was.
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