The stuff with the accounts already existed, apparently the regulators found these issues when examining their suitability for the licence (I have read from sources online that there is a very significant issue with revenue recognition, as in a percentage of revenue significantly above 50% couldn't be matched in their systems), but the resignations came after they went to the media and tried to bounce the BoE into giving them a licence (spoiler: what the CFO is quoted as saying it is total bollocks, they aren't close to getting a licence).

The media furore in the UK from execs about insufficient levels of executive pay unfortunately has created the space for opportunism like this.

Wow...I'm a bit surprised. We've had a pending application for VAT registration in the UK since sometime in the 1st quarter of 2019. I had assumed that if a government is so short of resources that they can't manage to process applications to collect taxes for them, they would probably also be very slow on applications for financial things that don't directly give them money.

Every time we ask about our VAT application, they just say it is still processing. They told us to collect VAT, but to call it something else like "additional fee", and hold it until they get around to processing the application.

But again, all of what you said indicates that Revolut has fucked up. But it doesn’t mean they are doing WireCard levels of fraud, or any fraud at all.