This just now from Revolut. Deposits protected <€100k - I wish!
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Tbh, I didn’t know that they weren’t already. When I received the email/message, I was surprised in truth. I don’t know (yet) what difference it would make for me.
Word has it that other countries waited till the UK gave them a banking licence. Being that the UK is known and respected for high standards in the finance industry.
IMV Revolut has more than a whiff of ‘not quite right’ about it. Time will tell.
Of course, BCCI had a banking licence too and much the same feeling
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They had a french branch of a Lithuanian bank. This meant that they could issue local IBANs and customers in France came under the jurisdiction of french law, but they were only allowed to offer limited products to consumers. A full license means that, as in some other countries where they have a full license, they can now offer full credit services, mortgages, their own regulated savings products etc. It also makes it much easier that should things go wrong you’re dealing with the french banking authorities rather than the Lithuanian ones, which I know from experience are not the easiest to deal with…
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Perhaps you should drop a line to the head of ACPR and Christine Legarde to point out this ‘more than a whiff’.
Since May 2020 my dealings with Revolut have been nothing but fragrant.
I have been a client of Revolut for close to two years. I have nothing but good things to say about them. Their app is wonderful.
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Does this mean I no longer need to report Revolt as a foreign account on my tax return?
It depends, you might need to transfer your account to the French entity.
My experience. Impots has your Rev a/c on record. If you are reg’d res in FR Rev has you in their FR banking unit. Does your REV IBAN # begin with 'FR … ? It is, to all intents and purposes, already a ‘FR bank’
Now, with the approval of formally becoming a bank in FR [despite more than a whiff of ‘not quite right’ about it 
,] Rev tells me that all my everything - such as it is - will be seamlessly migrated to the new FR bank. I need do nothing. My Rev a/c has always appeared ‘prefilled’ in my Impots Tax Return. This new status for Rev in FR will set that in stone.
If your a/c is elsewhere than FR, I expect Rev will do the migration for you. You may need to confirm to them you want this to happen - if you do.
Even so, I would be surprised if Impots doesn’t already have your Rev a/c ‘pre-filled’. They have my UK Lloyds and UK Scot Wids a/c
That was my thinking, why I was surprised to read it wasn’t. I’d not declared it my French tax return as the IBAN was FR, unlike my Wise account which I do declare.