The Italian Competition Authority has initiated an inquiry against Revolut Group Holdings Ltd, Revolut Bank UAB, and Revolut Securities Europe UAB. The investigation focuses on claims that Revolut misled customers regarding its investment services, particularly by promoting commission-free investments without adequately disclosing additional costs and limitations.

Specifically, the authority noted that Revolut failed to inform users that commission-free investments include fractional shares, which differ significantly from whole shares in terms of shareholder voting rights and transferability. Additionally, for cryptocurrency investments, which are inherently risky, Revolut did not clarify that users could not modify stop-loss and take-profit settings during the investment period, tools essential for managing risk.

In terms of banking services, Revolut allegedly provided unclear or omitted important information regarding the conditions for account suspension, limitation, and blocking. The company reportedly adopted aggressive methods to suspend or block accounts without adequate notice, preventing users from accessing their funds and related services for extended periods, thus hindering their contractual rights.

Furthermore, Revolut failed to provide clear and comprehensive information about the requirements for obtaining an Italian IBAN (starting with IT) instead of a Lithuanian IBAN (starting with LT). On July 8, officials from the authority, assisted by the Special Antitrust Unit of the Financial Police, conducted inspections at Revolut Bank UAB's Italian branch.