Australia’s financial services regulator has put the brakes on Revolut’s expansion in the country, ordering the payment services provider to halt onboarding of new customers while its licence application is assessed.
The Australian Securities and Investments Commission (ASIC) has allowed Revolut to operate with restrictions since January, on the basis of its electronic money authorisation from the UK regulator, while it examined its application for an Australian Financial Services Licence.
In a regulatory notice issued on Tuesday, ASIC extended the licence exemption until May 1, 2020 but only on the condition that it does not offer services to any new Australian clients.
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