Revolut Chief Under Regulatory Scrutiny After Dubai Residency Move

Revolut has come under renewed regulatory examination following revelations that its billionaire chief executive Nik Storonsky has shifted his residency from the United Kingdom to the United Arab Emirates. The change was confirmed by a filing last month through Storonsky’s family office at Companies House indicating his new UAE residency. However, Revolut’s own filings continue to show Storonsky as a resident in Britain.

The Financial Conduct Authority and the Bank of England were reportedly unaware of Storonsky’s change in residency until news broke regarding the Companies House filing. Both authorities have since approached Revolut seeking explanations and assurances regarding the company’s management and oversight. A company source stated that Storonsky is fulfilling his duties as chief executive from the United Kingdom and that the company does not control filings submitted by the chief executive’s private business interests.

A spokesperson for Revolut commented that the company operates in 39 markets and that Storonsky divides his time between the United Kingdom and prominent international regions, supporting the global nature of the company. Revolut maintains that there has been no alteration to Storonsky’s responsibilities or his registered information as filed at Companies House.

The ambiguity over Storonsky’s residency poses a fresh challenge for Revolut, a fintech group previously confronted by regulatory barriers in the United Kingdom. Since its founding as a currency card provider, the company has expanded to include a broad suite of services ranging from cryptocurrency and equities trading to modest lending operations in Europe, the United States and Australia. The business employs more than ten thousand staff members and last year recorded pre-tax profits of £1.1 billion. A recent share sale has valued the group at $75 billion, reportedly making it the most valuable private tech firm in Europe and propelling Storonsky’s personal fortune close to £7 billion.

Revolut continues to face scrutiny regarding its accounts and ownership structure which has impeded full approval of its UK banking licence. City regulators took three years before granting the company a provisional banking licence which was awarded in July 2024. Concerns regarding the firm’s internal controls persist, leaving the Bank of England yet to issue a full licence.