Revolut has reportedly updated its terms and conditions to say that the app only needs a reason, not a ‘good reason’, to shut bank accounts.

The digital bank is one of the most popular finance apps in Europe and the UK, and claims to have over 45 million customers worldwide, with 6.8 million users in the UK alone.

According to the digital bank, the account closure policy change was made to align with industry standards, as first reported by UKTN. 

It was only in July this year that the London-headquartered fintech officially received its UK banking licence from the Prudential Regulation Authority (PRA), the financial services regulatory body. 

Since then, Revolut has been adapting to the regulations which come as a result of operating a UK bank, and right now is still in the ‘mobilisation’ stage, expected by the Bank of England to last no more than 12 months, but means that it can’t hold any more than £50,000 of customer deposits.

The rule change over account closures brings the fintech giant in line with other, mainstream banks operating in the UK, and Revolut maintains a comprehensive list of reasons it could close an account, meaning no customer should be in the dark as to why the app cuts their access.

Among the reasons Revolut might close an account without warning are because of suspicions of fraud, failure to repay money owed to the bank, consistent abuse of Revolut staff, or if a customer’s use of the app is considered harmful to Revolut’s software, systems, hardware, or even reputation.

Those reasons are not unlike every major bank, and with the app becoming increasingly popular the slight rule change to account closures only highlights the careful approach Revolut has towards opening accounts, at least while it remains in the stilted mobilisation phase.

Only last year the company bemoaned the red-tape required to receive a UK banking licence, with Nikolay Storonsky, the CEO of Revolut, saying at the time “You wait for emails or letters for months. This is not the business environment to operate in the modern world.

“US tech champions are so supported by the Government: all the lobbyists, politicians, governors, they always promote business, business, business and it is completely the opposite in the UK.”

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The challenger bank has been making a number of new moves with its products and services in recent months.

In May, Revolut launched Revolut X, a specialised crypto trading platform tailored for retail users in the United Kingdom, which offers users easy access and minimal fees, and the ability to convert hard currency into crypto coins.

Revolut X is accessible to all UK users with retail accounts, who can access the platform using their existing credentials, and allows the firm to stand out from its traditional, high-street competitors, with hopes that such features can attract even more users once it has a banking licence fixed in place.