Revolut, like many others had to go the step of becoming retail banks that double as exchanges for Bitcoin and then, “Digital Assets”. (KYC’d now of course)

Before they launched they were more going in with a custodial Bitcoin solution plan. Then expanded to crypto, mostly for regulatory/commercial purposes. Then regulation put them in a position to KYC or die. They chose the retail/neo bank format.

Few others that were all headed that route have also ended up the same. Mostly from following the hype of the 2017 ‘ICO’ age of tokens etc… They are forced to register as different types of financial services. Depending on where they are based/operate of course.

Services Vs Regulations