Attempt to rescind Revolut's banking license

RUSSIA / FSU POLITICS - In Brief 26 Apr 2019 by Alex Teddy
Lithuania is considering taking away Revolut's banking license. Revolut is a digital banking app that has shaken up micro finance. Revolut attained a banking license in December 2018. Revolut announced plans to start consumer lending and commission free trading in stocks. Revolut's license was granted in Lithuania. This country is an EU member state and a former republic of the USSR. Lithuania has a significant Russian minority. Obtaining licenses for e-money and payment services is also very easy in Lithuania. Nikolay Storonsky is CEO of Revolut. Storonsky was born in Russia and is now a British citizen. His father is a divisional director in Gazprom. Gazprom (the world's largest gas producer) is very close to the Kremlin. This is why Lithuania is considering revoking Revolut's license. Gazprom has been targeted by EU and US sanctions. There were rumors that Revolut was to move its servers to Russia.Lithuania wonders aloud if Revolut endangers its national security.There are claims that Revolut permitted illegal transactions. Revolut disputes this and denies that it is in any wise linked to the Russian State. There are other explanations why some in the EU want Revolut shut down. It is a strong competitor to traditional banks.

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