UK fintech bank Revolut will give customers legal ownership over cryptos but with conditions. Revealing twin policy changes in an email sent to users the mobile bank said it’s going to cede its status as the “legal owner” of Revolut ‘s five available cryptos – Bitcoin, Ether, Litecoin, XRP and Bitcoin cash – to its customers buying them next month.
However, there is a catch: the crypto is still unable to exit the client environment of Revolut.
Users “can not transfer cryptocurrency to anyone who is not a Revolut customer,” read the updated terms and conditions, detailing that while users “have complete control” of their crypto, they themselves “will not be able to carry out transactions.”
Revolut is also putting an end to cryptocard payments, one of the few ways that its users could use their crypto outside the environment.
While Revolut did not explicitly allow customers to pay for goods using crypto under the old policy, they could do so if their accounts held only cryptocurrencies, with the bank exchanging crypto for fiat on behalf of its customers.
Recently, Revolut has increased its crypto offerings, as well as its global presence: in March, it entered the US market. Revolut, however, has prevented U.S. residents from accessing many of its crypto-tools. While U.S.-based clients are currently able to open a bank account, they are still unable to trade cryptocurrency into it.