<p><span style="font-weight: 400;">Revolut, the UK-based neobank that offers crypto trading as part of its financial app, may have its application for a banking license rejected by the Bank of England, according to a report in The Telegraph.</span></p> <p><span style="font-weight: 400;">The BOE has told the UK Treasury that it's </span><a href="https://www.telegraph.co.uk/business/2023/05/18/bank-england-reject-revoluts-bid-banking-licence/"><span style="font-weight: 400;">planning to reject Revolut's application</span></a><span style="font-weight: 400;">, the newspaper reported, without saying where it got the information. A spokesperson for Revolut said the firm doesn't comment on ongoing licensing applications. The BOE also declined to comment. </span></p> <p><span style="font-weight: 400;">Revolut's finances have drawn scrutiny this year after its auditor, BDO, cast doubt on its 2021 revenue numbers. In a note accompanying the accounts, </span><a href="https://www.theblock.co/post/223925/revolut-audit-accounts-board-response"><span style="font-weight: 400;">BDO said it had been unable to verify three-quarters of the revenue Revolut had reported</span></a><span style="font-weight: 400;"> — equal to $765 million — and warned that some information may be “materially misstated.”</span></p> <p><span style="font-weight: 400;">While the neobank's existing services would not be affected if the BOE refuses to grant Revolut a banking license, it would be unable to offer mortgages and loans to UK customers. </span></p> <h2><b>Revolut's crypto revenue</b></h2> <p><span style="font-weight: 400;">Since launching in 2015, Revolut has grown to become the UK's most valuable fintech firm. Crypto trading accounted for about a third of Revolut's revenue in 2021, though that has declined to less than 10% as interest in crypto waned during the bear market, according to a person familiar with Revolut's finances. </span></p> <p><span style="font-weight: 400;">Revolut has in the past </span><a href="https://www.theblock.co/post/147768/revoluts-planned-native-token-will-reward-customer-loyalty-storonosky-says"><span style="font-weight: 400;">mooted launching its own native crypto token</span></a><span style="font-weight: 400;">. This time last year, CEO Nik Storonsky told The Block that the token would function in a similar way to airline Air Miles programs to reward users. The token is yet to appear. </span></p> <p><em>Update: Story updated to show the Bank of England declined to comment. </em></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>