Overview
- The ECB has formally restricted Revolut’s European banking arm from rolling out new services in the EEA, a supervisory action reported on Wednesday, June 10, 2026.
- The measure targets Revolut Bank UAB, the Lithuanian unit directly supervised by the ECB, and requires an independent third‑party review of its risk, compliance and legal functions tied to product launches.
- Regulators flagged that the firm’s rapid product rollout outpaced internal controls, previously noting deficiencies in financial‑crime controls and product approval processes dating back to July 2024.
- Revolut says it is cooperating with supervisors and has strengthened its product‑approval gates, staffing and governance, but the ECB also blocked some cross‑border customer onboarding and acquisition activity outside the EEA.
- The action creates uncertainty for Revolut’s planned crypto expansion under its Cyprus CASP licence and could slow customer growth, deal activity and the growth narrative that underpins its IPO prospects.