Revolut has ceased approximately 14,000 accounts across New Caledonia, French Polynesia, and Wallis and Futuna due to regulatory restrictions from the EU under its Lithuanian banking license.
Following the announcement, Revolut began closing customer accounts in these regions as of February 2026. This impacts roughly 14,000 users and is a direct result of the company’s EU banking license limitations, not for commercial reasons.
Revolut operates its European banking services through Revolut Bank UAB, a Lithuanian subsidiary with an EU banking license. This setup allows the firm to serve customers across all EU and European Economic Area (EEA) member states via the EU’s passporting mechanism. However, New Caledonia, French Polynesia, and Wallis and Futuna, while part of the French Republic, lie outside the EU and EEA regulatory framework, thus excluding these regions from the passporting benefit.
A closure years in the making
This process was not without prior steps. Account closures in French Polynesia started in 2023 after a request from France’s banking and insurance supervisory authority, ACPR (Autorité de Contrôle Prudentiel et de Résolution), which had identified accounts opened with mainland European addresses by residents of the Pacific territories.
From the closure date forward, affected customers will be unable to make card payments, use ATMs, top up their accounts, or transfer funds within Revolut. Any remaining balances will be converted into EUR and transferred to an external bank account. Additionally, open investment positions in stocks, crypto, or commodities must be liquidated by the deadline; otherwise, Revolut will close them.
Regulatory pushback and a potential return
The New Caledonian government has formally responded. In a letter dated 29 December 2025, the territory’s economy minister wrote to France’s Minister of Economy and Finance, requesting legislative changes that would extend EU passporting recognition to French overseas collectivities. The government views this current situation as a “structural barrier” according to analysis from France’s competition authority.
However, if such reforms were enacted, Revolut could seek a French banking license from the ACPR. A national law authorization would enable the company to operate across all French territories, including those outside the EU’s regulatory perimeter.
In the meantime, Revolut continues to serve customers in five French Overseas Departments and Regions—Guadeloupe, Martinique, French Guiana, La Réunion, and Mayotte—where they fall within the EU regulatory framework.
The situation underscores a broader issue of financial services access for residents of French territories outside the EU. The outcome of potential legislative or licensing developments will closely be watched by the industry.
