User’s Frustration with Revolut’s Cryptocurrency Transfer Process
April 21, 2025
By George Sandeman, BBC News
In recent weeks, Tzoni Raykov, a British oil engineer, has encountered significant difficulties while managing his cryptocurrency through Revolut, an e-money firm that also provides banking services. Raykov’s experience highlights the challenges many users face in the cryptocurrency world, particularly in the transfer process where customer protections may not apply as they do in traditional banking.
A Cautionary Tale of Cryptocurrency Transfer
Raykov has been a Revolut user for several years, primarily for splitting bills and managing transactions in traditional currencies like pounds and dollars. However, intrigued by the company’s advertising of its cryptocurrency services, he decided to explore this new venture. His foray into the cryptocurrency market took a negative turn when he attempted to transfer what he believed was $1,500 worth of USDC—a stablecoin tied to the US dollar.
The issues began in February when Raykov executed a small test transfer of 10 USDC, which went smoothly. This initial success led him to proceed with a larger transfer; however, complications arose. Unlike his previous attempt, this time, the funds did not appear in his Revolut account. According to Raykov, the deposit instructions provided by Revolut were ambiguous, contributing to the confusion.
Confusion Over Deposit Instructions
When transferring cryptocurrencies, users must select the appropriate network for their transaction, akin to choosing a shipping service for a parcel. Revolut specifies that deposits of USDC should be sent via the Polygon network. On his first successful transaction, Raykov opted for "Polygon PoS." But during his subsequent attempt, he mistakenly selected "Polygon (bridged)." Instead of arriving as the standard USDC coins he intended to send, the cryptocurrency was converted into USDC.e, a different variant that Revolut does not accept.
Upon realizing the funds had not been credited, Raykov reached out to Revolut’s customer support team, who indicated that the confusion stemmed from the specific type of Polygon network chosen. Their messaging suggested that the transfer issue was linked to the selection of the network, although Revolut later disputed this claim, stating that the deposit ultimately failed because USDC.e coins are unsupported.
Calls for Greater Regulation and Clearer Instructions
Raykov’s case raises critical questions about consumer treatment and protections within the cryptocurrency sector. Unlike traditional banking practices, where misdirected funds can typically be reversed, users in the crypto space face a notably different scenario. While UK banks adhere to a voluntary code of practice that ensures the return of mistaken transfers, a similar framework does not currently exist for cryptocurrency transactions.
The frustration Raykov feels has amplified over time; he has repeatedly contacted Revolut, only to be informed that the coins are lost and there are no options available for recovery. He vehemently argues that Revolut’s lack of clarity in its deposit instructions directly contributed to his loss, stating, "It is ridiculous that they can behave like this."
As the cryptocurrency market continues its tumultuous journey—having seen dramatic value fluctuations over the past year—the issue of regulatory oversight looms larger. Experts, including Prof. Mark Button, advocate for establishing higher industry standards to protect users and create clearer operational frameworks for cryptocurrency companies.
"More regulation is needed," he emphasizes, suggesting that legislative measures could alleviate user difficulties like Raykov’s and provide clearer paths for recovery when issues arise.
The Path Forward
This case underlines the necessity for consumers to exercise caution and conduct thorough research when engaging with cryptocurrency services. As Mykhailo Tiutin, CTO at AMLBot, points out, while cryptocurrency can be safe, the onus is on the user to ensure they understand the risks involved.
The episode is a sobering reminder of the complexities inherent in the cryptocurrency landscape, where even the most cautious transactions can lead to unforeseen complications. As Tzoni Raykov continues to pursue resolution for his lost funds, his story serves as both a warning and a call for change within the evolving realm of digital finance.
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