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A comment on Revolut CFO resigns following money laundering controversy. Parent comment

Re:Revolut CFO resigns following money laundering controversy by IfOnlyYouKnew on Friday March 01, 2019 @01:03PM (#19283585)
Revolut is not insured by FSCS, the standard UK deposit insurance scheme (because it's not a "bank", it's "something something digital").

They say all money is parked in a trust account at a regular bank in Lithuania. But I wouldn't want to be involved in testing how well that setup hold up in court.

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Re:Revolut CFO resigns following money laundering controversy by krn on Friday March 01, 2019 @02:43PM (#19284531)
Revolut has the same Electronic Money license in the UK as TransferWise, meaning that the money is parked at a regular bank in the UK, but not under your own name. However, Revolut received a banking license in Lithuania in December 2018, and should soon start operating as a normal bank with the standard 100,000€ insurance, demanded by the EU. Yet, if Revolut failed at some point in the future, it's unclear how the Bank of Lithuania would be able to cope with the liability, since Revolut already has more users than there are people in Lithuania[1].

[1] https://www.theguardian.com/money/2018/dec/22/lithuania-icel...

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Re:Revolut CFO resigns following money laundering controversy by HarryHirsch on Friday March 01, 2019 @04:34PM (#19285486)
Cats Protection has a story to tell about Kaupting.
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Re:Revolut CFO resigns following money laundering controversy by arthurcolle on Sunday March 03, 2019 @12:43AM (#19292961)
https://www.dailymail.co.uk/news/article-1076303/Cats-Protec...
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