Article Title: Revolut’s Ruling Spotlights Crypto’s Growing Role in Gambling
A recent ruling by the Financial Ombudsman Service (FOS) has brought attention to the challenges surrounding financial institutions and their responsibility in curbing gambling addiction, especially when cryptocurrencies are involved. This case, centered on a customer identified as Mr. H, revealed significant gaps in Revolut’s protective measures for customers battling gambling addiction. Despite the fintech’s offering of a gambling block feature, Mr. H was still able to convert funds into cryptocurrency and gamble, highlighting a flaw in the company’s system.
Revolut’s Response and Its Shortcomings
Mr. H, struggling with gambling addiction, sought help from Revolut in 2025, requesting restrictions on his ability to purchase cryptocurrencies. However, despite Revolut offering a gambling block for card payments related to gambling, this tool did not cover cryptocurrency transactions. In his efforts to close his account permanently, Mr. H was directed to support teams that failed to provide a solution. Caroline Davies, the ombudsman responsible for the case, noted that Revolut had the capability to close Mr. H’s account but chose not to, leaving him vulnerable to further harm.
The Growing Problem of Cryptocurrency in Gambling
The case highlights the growing intersection of cryptocurrency and gambling, particularly in unregulated spaces. As digital currencies gain popularity, they are increasingly being used in gambling transactions, with many of these transactions occurring outside the reach of regulators. While fintech companies like Revolut have introduced features to block gambling payments, these tools do not extend to crypto transactions, weakening the ability to protect customers fully.
In the UK, regulators like the UK Gambling Commission (UKGC) have been vocal about the risks of cryptocurrencies in gambling. They have made it clear that licensed gambling operators should not accept crypto payments, as these sites are often unlicensed and operate in the black market. As younger consumers turn to cryptocurrency as a preferred payment method, the risks associated with unregulated gambling platforms are becoming more pronounced.
Financial Institutions and Gambling Regulations
As the cryptocurrency market grows, regulators are working to create a framework to manage its role in gambling. The UK government is expected to introduce new legislation by 2027 to regulate cryptocurrency more clearly, but the immediate concern remains: how can financial institutions and fintech companies adjust to the increasing use of crypto in gambling transactions?
The case against Revolut calls for stronger regulatory measures across both the financial and gambling sectors. Financial institutions need to develop more effective tools for preventing crypto transactions related to gambling, particularly when addiction issues are at play. Revolut has stated that protecting customers from gambling-related harm is a priority, and the company has committed to improving its services by enhancing its gambling block feature and providing options to hide cryptocurrency tools. However, these steps may not be enough to safeguard vulnerable users like Mr. H.
The Way Forward for Fintech and Gambling Sectors
The Financial Ombudsman’s ruling serves as a critical reminder of the importance of comprehensive regulation in both the financial and gambling industries. As cryptocurrency continues to rise in popularity, fintech firms must take more proactive steps to prevent gambling addiction. Financial institutions should be held accountable for implementing stronger safeguards for cryptocurrency transactions, ensuring that they do not inadvertently facilitate gambling for those at risk.
In light of this case, Revolut has pledged to enhance its customer protection mechanisms, acknowledging the need for improvements in the gambling block feature and the overall customer experience for individuals facing gambling addiction. However, the need for a more robust, comprehensive regulatory approach remains clear, especially in a world where cryptocurrency’s role in gambling continues to expand.
Source:
UK Banking Ruling on Revolut Draws Focus to Crypto’s Role in Gambling, casinonewsdaily.com, January 29, 2026