Share this article
Revolut Said to Be Under Pressure From Regulator Over Risk of 'Material Misstatement' in Auditing: Report
The auditor of Revolut, a digital bank that earns up to 10% of revenue from crypto trading, was criticized by the U.K. accountancy and auditing watchdog, the Financial Reporting Council (FRC).
Updated May 11, 2023, 6:51 p.m. Published Sep 5, 2022, 12:49 p.m.
Crypto-friendly digital bank Revolut is under pressure from U.K. regulators after an "unacceptably high" risk of "material misstatement" was highlighted in the auditing of its accounts, the Financial Times reported Monday.
- An audit of an unidentified company by BDO was criticized by the Financial Reporting Council (FRC), the accountancy and auditing watchdog.
- The "financial services provider" under audit was identified as Revolut by people familiar with the matter, the FT said.
- The audit was conducted with an "inadequate" approach to revenue recognition, meaning the "the risk of an undetected material misstatement was unacceptably high." The FRC also had concerns over how BDO tested payment processes.
- Crypto trading accounts for up to 10% of Revolut's annual revenue, which was 261 million British pounds ($300 million) in 2020.
- Its application to be licensed by the Financial Conduct Authority (FCA) remains unresolved, with the firm able to offer crypto services through the FCA's Temporary Registration Regime.
- Revolut had not responded to CoinDesk's request for comment at press time. BDO declined to comment.
Read more: Crypto.com Exchange Registers With UK Financial Regulator
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
需要了解的:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
需要了解的:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
