Key Takeaways
- Revolut filed OCC and FDIC applications for a US national banking charter on March 5.
- The company suspended all US crypto services in 2023 and is expected to relaunch with Bitcoin and Ethereum.
- The OCC granted conditional national trust bank charters to Circle and Ripple in Dec. 2025.
March 5 (Crypto-News.Net) – Revolut filed applications with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) for a US national banking charter, a move that could allow the fintech company to relaunch the crypto services it pulled from American users in 2023.
Charter Filing and Leadership Change
The company also appointed Cetin Duransoy as its new US CEO, according to a Reuters report. Duransoy previously held senior roles at Visa and Capital One and most recently served as US CEO of savings marketplace Raisin. He replaces Sid Jajodia, who is moving to a global chief banking officer role. Revolut founder and CEO Nik Storonsky said, “The United States is a key pillar of our global growth strategy.”
Revolut plans to invest $500 million over three to five years in the US market. The company, valued at $75 billion after a November 2025 secondary share sale, currently serves US clients through a partnership with Lead Bank. A national charter would allow Revolut to offer deposits, lending, credit cards, and crypto services under federal oversight, without needing state-by-state approval.
Why Revolut Left US Crypto and What Changed
Revolut shut down all US crypto services in 2023, citing regulatory uncertainty. Buy orders stopped on Sept. 2, 2023, and the venue fully closed on Oct. 3, according to a PYMNTS report. Before the full shutdown, Revolut had already delisted tokens that the SEC had labeled as securities.
Revolut has said it plans to return to the US crypto market, with offerings expected to include Bitcoin and Ethereum.
Regulatory Landscape Has Shifted
The OCC granted conditional national trust bank charters to five crypto firms on Dec. 12, 2025, including Circle and payments firm Ripple, according to an OCC press release. Trust charters are narrower than the full national bank charter Revolut is seeking. They do not allow deposit-taking or FDIC-insured accounts. The OCC had not previously granted charters to crypto-focused firms at that scale.
De novo charter applications (new bank licenses granted from scratch rather than through acquisition) have increased to match four years of prior volume, according to PaySpace Magazine. Revolut itself had initially planned to acquire an existing US bank but dropped that approach in favor of the standalone OCC application. The chartering process remains rigorous with strict capital, governance, and compliance requirements.
Revolut’s Broader Crypto Push
Outside the US, Revolut has continued expanding its crypto business. The company secured a license under the EU’s Markets in Crypto-Assets (MiCA) framework, launched dollar-to-stablecoin swaps for 65 million users, and its crypto head of product Leonid Bashlykov said “2026 is going to be massive,” according to DL News.
Revolut serves 70 million clients across 40 markets and is targeting 100 million. If the US charter is approved, the company has said it plans to offer crypto trading, custody, and digital asset services alongside traditional banking products.
Reporting & Editing by Zoran Spirkovski
