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The FCA (UK regulator) is also refusing to issue them a banking license, even a challenger bank one. It is still operating under their Lithuanian banking licens
by dogma1138 3y ago
The FCA (UK regulator) is also refusing to issue them a banking license, even a challenger bank one. It is still operating under their Lithuanian banking license.
I really don’t understand why so many people in the UK use it as the deposits are not FSCS protected so if something goes wrong you’re fuck out of luck.
- toyg 3y agoIt always was a very simple way to handle remittances for European migrants, and to get travel money for everyone else. Some people then got carried away, probably because their PR was always pretty good. I had to warn a friend of mine who kept 5-digit savings in there. He didn't know about the lack of banking license (and this was even before they got the Lithuanian one) and was pretty shocked.
- CoastalCoder 3y ago> I really don’t understand why so many people in the UK use it as the deposits are not FSCS protected so if something goes wrong you’re fuck out of luck. I wonder if this is the kind of lesson that needs to be re-learned every few generations?
- detaro 3y agoThe last high-profile UK example isn't that long ago (icelandic banks last time)?