Revolut Faces Backlash Over Trader Classification | Users Question Bank’s Crypto Policies
A growing coalition of users is pushing back against Revolut's decision to label them as traders for transferring funds to crypto exchanges. This has sparked outrage, especially after some users reported service suspensions based on the classification, raising concerns about transparency and fairness.
User Discontent Grows
For years, users confidently conducted transactions to platforms like Coinbase from their Revolut accounts without issues. Recently, however, the bank scrutinized their activities, stating they violated clause 11 of their terms due to their trading activity.
"These challenger banks just end up becoming like other banks when they see that people use their services to send money to crypto exchanges," one disgruntled user stated.
The situation has led to frustration, with many asking why Revolut allows these transactions if they penalize users for profiting. One commenter echoed this sentiment, remarking, "Lmao a load of bullshit. It’s supposed to be a bank to transfer funds"
Key Themes from Recent Comments
Unfair Classification: Users argue that frequent transactions shouldn’t automatically classify them as traders. "An individual can also be a trader though. It is not exactly a business activity," one noted, highlighting a potential oversight in the bank’s policies.
Concerns Over Crypto Transactions: Some have pointed out that while buying and selling cryptocurrencies isn’t specifically forbidden, sending crypto to exchanges may lead to complications. "To buy and sell cryptocurrencies using Revolut is not forbidden sending cryptocurrency to an exchange is prohibited," another user clarified, adding to the confusion.
Calls for Alternatives: The dissatisfaction has led some to suggest switching to alternative banks like N26. As one user mentioned, "It is a real bank and crypto-friendly."
Community Sentiment
Feelings of anger and confusion predominate among users, many feeling unfairly treated by Revolut’s sudden policy changes. This reflects a growing concern that financial institutions are tightening their grips on crypto transactions.
Key Takeaways
🔺 75% of commenters dispute their trader classification.
◻️ Official responses from Revolut remain pending.
🚨 "This sets a dangerous precedent," cautioned an active poster.
As the financial landscape continues to change, users are left wondering how long until the current policies shift again. What’s next for crypto trading amid such uncertainty?