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BTC Revolut received conditional approval from the OCC to establish a National Bank of the United States
Revolut has obtained conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a National Bank of the United States and expand its regulated financial services directly in the United States. Before formally launching a nationwide banking business, the company must meet OCC requirements on capital adequacy, corporate governance, cybersecurity, compliance, liquidity management and consumer protection.
The OCC has previously approved licensing applications from a number of fintech companies and cryptocurrency companies, and various licenses held by Revolut internationally may also support its eventual authorization.
From partner dependence to autonomous operation
According to Revolut, this decision brings it closer to providing banking products directly to customers across the United States. These services may include loans, stablecoins, credit cards, deposit accounts and other financial products for U.S. customers. Currently, Revolut serves customers by working with financial institutions, which limits its direct control over banking to a certain extent.
However, having a national bank license will reduce this dependence and allow Revolut to have greater autonomy over products, infrastructure and customer services. Nik Storonsky, co-founder and CEO of Revolut, described the conditional approval as an important first step in the company's U.S. expansion.
It should be noted that conditional approval does not mean that Revolut can immediately operate as a fully authorized National Bank. Before obtaining final approval and commencing the proposed banking business, the company must meet the conditions set out by the OCC.
OCC widens federal bank access paths for fintech companies
These conditions often involve capital levels, liquidity management, governance structures, cybersecurity, compliance procedures, and strong consumer protection measures. As a result, Revolut must demonstrate that its proposed institution can operate safely and responsibly under federal banking supervision.
In the past year, the OCC has given conditional approvals to applications from companies such as Coinbase, Paxos, BitGo, Ripple and Circle. In addition, regulators provided conditional approval to World Liberty Financial, an entity backed by the family of U.S. President Donald Trump. The decision drew public attention to potential conflicts of interest in the president and his family's cryptocurrency business. Jonathan Gould, the Comptroller of the Currency, supports providing a federal regulatory avenue for companies using cryptocurrencies and other emerging financial technologies.
OCC Application Records and Revolut's Next Steps
Since 2025, the OCC has received 40 applications from people seeking to establish new banking institutions. Of these, 21 have been approved, two have been rejected, and several applications are still under regulatory review.
Revolut already holds banking licenses in France, Australia and the UK, which supports its broader international expansion strategy. Importantly, this experience will help the company cope with the OCC's remaining conditions and prepare its U.S. banking infrastructure.
Obtaining a National Bank license will ultimately allow Revolut to launch more regulated products while reducing its reliance on third-party partners. Currently, Revolut must complete all conditions set by the OCC before obtaining final authorization to launch its proposed National Bank of America.
