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Revolut Secures Conditional Approval for US Bank Charter

Revolut has received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) for its US bank charter. This approval serves as a primary regulatory hurdle cleared for the London-based fintech firm to operate as a fully fledged bank in the United States. The company plans to launch the US bank next year, aiming to offer bank accounts, loans, and credit cards to millions of Americans while providing access to cryptocurrencies and stablecoins. Founder and chief executive Nik Storonsky described the conditional approval as an important first step toward building in the world's largest financial market. While the OCC approval is significant, Revolut still requires final sign-off from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). The application process has faced scrutiny from various entities. Fair Finance Watch filed a formal opposition to the application, citing the company's international compliance history and its Community Reinvestment Act plan. Additionally, the Federal Reserve has pressed Revolut on its BSA and OFAC obligations. The company was previously fined €3.5 million by Lithuania's central bank in 2025 for anti-money laundering deficiencies.

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