Many customers trust Revolut to place orders

Half a million affected, tens of thousands angry

In Hungary, Revolut has an outstanding market share: according to estimates, up to half of the adult population may have an account with the neobank. Crypto trading was also popular on the platform, mainly due to its simple, “two-click” handling. Revolut’s decision could therefore directly affect tens of thousands of customers, including those who held onto their investments in the hope of making a significant profit following the exchange rate movements in the crypto market.

The law that changed everything

On June 17, the Hungarian Parliament passed the salad law that added new criminal offenses to the Criminal Code. The new regulation severely punishes service providers that do not have a license from the Hungarian National Bank (MNB) to distribute cryptocurrencies. Under the law, unlicensed service providers can expect prison sentences of 3–8 years, and their customers up to 2–5 years. Revolut – as a precaution – decided to temporarily suspend its service.

Not bankrupt, but not full transparency

It is important to note: Revolut has not become insolvent, its other services are operating without disruption. Some of the affected crypto assets can now be transferred to other, reliable exchanges or personal digital wallets. However, this poses a technical challenge for many users – one bad character in a crypto wallet address and the money can be lost forever.

It also became clear that not all cryptocurrencies can be withdrawn: Revolut supports more than 30 tokens for transactions, but the transfer is still subject to fees and limits. The question has arisen in many: will there be compensation for those who were unable to exit in time, or will they now only be able to realize their investments at a loss?