Revolut CEO Nikolay Nikolay Storonsky (Stephen McCarthy/Web Summit via Sportsfile/Flickr)
Fintech bank Revolut will give its users legal control of their cryptocurrencies on July 27, but the U.K.-based bank is tightening its hold on how they can actually wield it.
Revealing in an email sent to users and obtained by CoinDesk Monday, the said it will cede its status as the “legal owner” of Revolut’s five available cryptos – , , , and – over to its clients who purchase them next month.
There is a catch, though: that crypto still cannot leave Revolut’s client ecosystem.
Users “can’t transfer cryptocurrency to anyone who is not a Revolut customer,” the updated terms and conditions read, detailing that while users “have complete control” of their crypto, they “will not be able to carry out transactions” themselves.
Revolut is also ending crypto card payments, one of the few ways its users could use their crypto outside the ecosystem.
While Revolut did not expressly allow customers to pay for goods using crypto under the , they were able to do so if their accounts only held cryptocurrencies, with the bank exchanging crypto for fiat on its customers’ behalf. Revolut plans to suspend this ability on July 27.
The policy changes will let Revolut expand its crypto features, the bank said in its statement to users. A representative did not respond to CoinDesk requests for comment by press time.
Revolut has recently been offerings and also its global presence: it . However, Revolut many of its crypto tools. While U.S.-based clients can currently open a bank account, they cannot yet trade cryptocurrency on it.