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Revolut US bank plan still pending as crypto firms gain conditional charters
Revolut filed March 4 with the OCC and FDIC for an insured national bank, and regulators have spent the past six months conditionally approving or converting charters for several crypto-linked firms.
Revolut has not yet received approval from U.S. regulators for its proposed Revolut Bank US, according to CryptoSlate. The company filed with the OCC and FDIC on March 4 to create an insured national bank that would take deposits, issue credit cards, make loans, and connect directly to Fedwire and ACH.
CryptoSlate reports that nearly six months later, the application remains under review, while regulators have taken action on bank charters involving multiple crypto firms. It notes that conditional approvals or charter conversions have been extended to entities including Circle, Ripple, Coinbase, Paxos, and BitGo, among others.
Revolut’s application, as described by CryptoSlate, calls for a full-service digital national bank covering deposit accounts, consumer and commercial lending, cross-border payments, and investment and trading services. The company says the plan is meant to reduce reliance on partner banks, and it cites serving more than 70 million customers across 40 markets, alongside a $75 billion valuation reached in a November 2025 secondary offering.
CryptoSlate adds that regulators evaluating Revolut’s insured bank charter would have to weigh capital and liquidity to withstand stress, credit underwriting and loss reserves for the lending book, and compliance obligations tied to deposits and payments, including BSA and OFAC. It also highlights Community Reinvestment Act considerations that come with insured status, and contrasts Revolut’s “full deposit banking” scope with recent national trust-bank approvals that focused more narrowly on custody, reserves, and digital-asset services.