Revolut has applied for a US banking licence to deepen its presence in the market.

Revolut, one of Europe’s largest fintechs with a valuation reported around $75b, has applied to the US Office of the Comptroller of the Currency for a banking licence.

If approved, the charter would give the company direct access to core payment rails including Fedwire and ACH, allowing it to offer a broader array of services such as credit cards, personal loans and expanded deposit products. Until now, Revolut has operated in the US via partnerships and a more limited permissions set, which constrained the speed and scope of its product rollout compared with its European footprint.

The application underscores how intensely the firm views the US as a key strategic market, even as competition from incumbents and other neobanks remains fierce. A banking licence would not only improve Revolut’s economics by reducing reliance on third-party intermediaries, it would also give regulators clearer oversight of its balance sheet, risk management and compliance programs. For users, the result could be a tighter integration of fiat, card, savings and crypto functionality—areas where Revolut has sought to differentiate itself by offering exposure to assets like BTC alongside more traditional services.

Fintech, crypto and regulatory convergence

Revolut’s move comes as the boundaries between fintech, traditional banking and crypto services continue to blur. Many digital-first institutions already provide some combination of crypto trading, stablecoin access and on-chain transfers, often in partnership with exchanges such as Coinbase or through their own limited offerings. Securing a full banking licence would position Revolut to more deeply embed these services within a regulated framework, potentially easing concerns for both users and policymakers about the safety and soundness of hybrid platforms.

For US regulators, granting or denying the application will send an important signal about how open the system is to globally active, crypto-friendly fintechs seeking full bank status. The decision will likely take into account not only Revolut’s financial strength and compliance track record, but also broader debates about innovation, competition and consumer protection. As regulatory regimes like MiCA shape expectations in Europe, a US banking licence could help Revolut harmonize its oversight environment across major markets, giving it a stronger base from which to compete with both incumbent banks and emerging digital challengers.

A Coinbase shareholder filed a derivative lawsuit against several of the crypto exchange’s top executives and board members, alleging they failed in oversight of compliance and disclosures, exposing the company to legal and regulatory fallout.

The complaint was filed Tuesday in the US District Court for the District of New Jersey and was brought by shareholder Kevin Meehan on behalf of Coinbase Global. It cites CEO Brian Armstrong, co-founder Fred Ehrsam, and several current and former directors and senior executives, including chief legal officer Paul Grewal and chief financial officer Alesia Haas.

According to the filing, the defendants allegedly made false or misleading statements between April 2021, when Coinbase went public through a direct listing, and June 2023. The plaintiff argues that these oversight failures ultimately exposed Coinbase to regulatory enforcement actions.

In early 2023, Coinbase reached a $100 million settlement with the New York State Department of Financial Services (DFS) over deficiencies in its anti-money laundering (AML) compliance program. In another instance, the company was hit with a $5 million penalty from New Jersey’s Bureau of Securities related to the listing of unregistered securities.

Related: Trump met Coinbase CEO before slamming banks over crypto bill: Report

Shareholder suit seeks damages, insider profit clawbacks

The lawsuit seeks damages on behalf of Coinbase, along with corporate governance reforms and the clawback of compensation and profits allegedly earned by insiders while the company’s compliance issues persisted.

Because the case is structured as a shareholder derivative action, any financial recovery would go to Coinbase rather than directly to shareholders.

The complaint also calls for a jury trial and accuses the defendants of unjust enrichment, abuse of control and breaches of fiduciary duty tied to what it describes as systemic compliance failures.

Cointelegraph reached out to Coinbase for comment, but had not received a response by publication.

Related: Coinbase opens stock and ETF trading to all US users in multi-asset push

Coinbase faces more lawsuits

In January, a Delaware judge allowed a shareholder lawsuit alleging several Coinbase directors conducted insider trading to move forward, despite an internal investigation that cleared the executives. The case claims that insiders, including Armstrong and board member Marc Andreessen, used nonpublic information to avoid more than $1 billion in losses by selling shares around Coinbase’s 2021 direct listing.