PANews June 3rd News: According to Cointelegraph, fintech giant Revolut is planning to expand its crypto business and intends to build a crypto derivatives platform from scratch.
The recruitment information shows that the company is recruiting a “General Manager of Crypto Derivatives” in London, Barcelona and Dubai. This position will be responsible for the full-process development of the derivatives platform, including product architecture, trading infrastructure, compliance management and business strategy. The business goal is to establish “the world’s most trusted, scalable and highly profitable derivatives service” based on its global user base of 50 million.
It is worth noting that Revolut’s plan may conflict with the existing rules in the UK. In 2021, the UK Financial Conduct Authority (FCA) banned crypto derivatives trading for retail users, citing the risk it posed to inexperienced traders. Given these restrictions in the UK, the initial market for Revolut’s crypto derivatives remains uncertain. However, the recruitment information mentions that being familiar with the EU financial market regulations is a plus point. Dubai may also be a potential market because its regulatory system allows services to be provided to retail users with appropriate licenses.
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