ECB Halts Revolut’s New Product Rollout Across Europe

The European Central Bank (ECB) has barred Revolut Bank UAB, the Lithuanian banking arm of the London-based fintech, from launching new products in the European Economic Area (EEA). Existing services may continue, but all new offerings are paused pending regulator approval of risk and compliance controls.

European Central Bank acts to limit Revolut’s product expansions across Europe

The ECB’s action follows July 2024 alerts on gaps in Revolut’s controls and governance. Regulators described the firm’s rapid product development as a metaphor for autonomous, fast-moving teams, indicating a pace that outstrips oversight. Revolut’s crypto-asset push, backed by a Cyprus-issued CASP licence (001/2025) under MiCA, plans to launch its Revolut X exchange in 30 EU markets.

European Central Bank acts to limit Revolut’s product expansions across Europeil Sole 24 Ore

Revolut, led by founder-CEO Nik Storonsky, operates the Lithuanian bank under ECB supervision. The ECB is the primary regulator for significant euro-area banks. The Italian Competition Authority (AGCM) has also fined Revolut for misleading fee disclosures.

European Central Bank acts to limit Revolut’s product expansions across Europe

Revolut serves about 75 million customers. In 2025 it posted pre-tax profit of £1.7 billion on £4.5 billion revenue. A recent secondary-share deal valued the firm at $115 billion, up from $75 billion a year earlier. The company holds a MiCA-aligned CASP licence (001/2025). Italian regulators fined it €11.5 million for fee-misinformation.

ECB Puts Brakes on Revolut’s Product Expansion

The ECB required Revolut to strengthen internal controls, conduct an independent review of risk and compliance functions, and obtain formal sign-off from qualified in-house specialists for new products. Revolut says it is in constructive dialogue with supervisors and is committed to meeting the ECB’s expectations.

European Central Bank acts to limit Revolut’s product expansions across Europe

UK regulators questioned whether Revolut’s risk infrastructure could keep pace with its growth after the firm secured a UK banking licence in early 2025. The €11.5 million fine from Italy highlights concerns about fee transparency and consumer protection.

ECB Puts Brakes on Revolut’s Product Expansionil Sole 24 Ore

Sources differ on whether the ECB’s freeze covers Revolut’s planned crypto-exchange launch. The restriction applies to “product launches” in the EEA, but regulators have not clarified if crypto-focused services fall within that definition, leaving the timeline for MiCA-aligned expansion uncertain.

European Central Bank acts to limit Revolut’s product expansions across Europe

• “The ECB has temporarily barred Revolut's Lithuanian banking arm from launching new products in the European Economic Area, citing concerns over rapid expansion and internal controls.” — ECB

European Central Bank acts to limit Revolut’s product expansions across Europe

• “self-guided missiles” — Nik Storonsky, Founder and CEO, Revolut

il Sole 24 Ore

• “According to a report by the Financial Times, European regulators required the London-based neobank to overhaul its product approval processes after identifying shortcomings in governance, risk management and compliance structures.” — Financial Times

ECB Puts Brakes on Revolut’s Product Expansion

• “5 million for allegedly providing customers with misleading information regarding fees and conditions attached to certain investment products.” — Italian Competition Authority

ECB Puts Brakes on Revolut’s Product Expansion

Revolut must complete the ECB-mandated remediation before the product freeze can be lifted. The outcome will influence the firm’s pending public listing, its broader European growth plan, and the timing of its crypto-exchange rollout across the EU.

European Central Bank acts to limit Revolut’s product expansions across Europe