Revolut, a UK-based neobank that offers cryptocurrency trading, may have its application for a banking license rejected by the Bank of England, according to a report by The Telegraph. The BOE has informed the UK Treasury of its plans to reject the application, but neither Revolut nor the BOE have commented on the matter.

Although the neobank's existing services would not be affected, it would be unable to offer mortgages and loans to UK customers. Revolut's revenue from cryptocurrency trading has declined to less than 10% in 2021, and the company has previously considered launching its own native crypto token.