Revolut no longer provides popular service due to strict regulation

Back in July, Revolut took a drastic step in Hungary, triggered by stringent local regulations. Yesterday, news broke that customers can once again access their cryptocurrencies via Revolut, but this relief is fleeting and comes with tight restrictions. Users must now part ways with the digital assets stored there, which experts estimate to be worth hundreds of millions of forints (hundreds of thousands of euros).

Revolut’s unforeseen move

According to a report on revb.hu, the change has come as a cold shock to Hungarian users, though it is not entirely without precedent. As previously reported, in July the company unexpectedly halted crypto services for its Hungarian clients and froze their digital assets. This was due to new domestic and international laws requiring certain permits, and the company insisted on full legal compliance.

Fintech expert Ádám Kovács notes that crypto holdings worth several hundred million forints have become stuck in Hungary. On 23 October, Revolut’s Cyprus subsidiary received a MiCA licence, yet trading has not resumed. Local regulations mean that from 6 December Revolut has only allowed Hungarian customers either to transfer their crypto to an external wallet or to sell it. This also comes with a strict deadline: decisions must be made well before Christmas.