Revolut would be moving some European Revolut users to our European entity in Lithuania, Revolut Payments UAB.
Revolut has doing this to ensure that our users will not be affected by Brexit. Today, they have officially made the switch.
When you next try to access your Revolut app, you’ll be asked to re-verify your identity, a regulatory requirement to set up your account with us. You can confirm your identity in just a few simple steps, right from your phone.
Once you’ve re-verified your identity, you’ll be able to access Revolut features like fast and free international transfers and instant payment notifications straight away. If you haven’t already, please take a moment to read your new Terms and Conditions here.
So you will have to reverify your identity to gain access to your account which is a bit inconvenient. Well, not your keys, not your coins.
Any cryptocurrency that you buy on Revolut cannot be withdrawn which means Revolut basically acts as custodian for the user. This also means that if in case Revolut gets hacked, your coins are gone since they were never under your control anyway.