| >Wise is a "payment processor" so it isn't regulated to the same standard. Which standard? In the US, the standard in question is "money transmitter", regulated on the state level. In California, both Revolut and Wise are licensed by DFPI: Wise has MTL (Money Transmitter License) in California, Revolut has a broker license: Revolut: https://dfpi.ca.gov/search-result-detail/?id=304600 Wise:
https://dfpi.ca.gov/regulated_entity/wise-us-inc/ FinCen guidance on the distinction between the to two is not the easiest read, but my takeaway is that both of these companies would be registered FinCen too as MSB's (money service but businesses to https://www.fincen.gov/resources/statutes-regulations/guidan... And indeed, here's Wise's MSB registration: https://www.revolut.com/en-US/blog/post/changes-for-revolut-... Revolut doesn't have on the... because they outsource money handling to an actual bank, FDIC insured and all: https://www.revolut.com/en-US/blog/post/changes-for-revolut-... So, doesn't appear like Wise is any less regulated. |