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Revolut just made a hire. Nilesh Khatwani, formerly Global Head of Institutional Sales at Crypto.com, is now taking on the same title at Revolut — except the brief is bigger, the geography is newer, and pretty much everything about the institutional crypto buildout is still being figured out.
Khatwani is relocating to Dubai for the role, which puts him right in the middle of Revolut’s push to lock down a regulated virtual-asset presence in the UAE. The company has already cleared two significant regulatory hurdles there — approvals from the Central Bank of the UAE covering Stored Value Facilities and Retail Payment Services, plus an in-principle nod from Dubai’s Virtual Assets Regulatory Authority for a Virtual Asset Service Provider licence. That VASP licence, once finalized, would cover broker-dealer and exchange operations. So the regulatory scaffolding is mostly up. Full launch, though, is still pending final clearance, and Revolut hasn’t given a timeline.
From Crypto.com to Revolut: A Career Arc That Fits
Khatwani didn’t jump straight to Global Head anywhere. At Crypto.com, he worked his way up — Institutional Sales Manager, then Director, then Global Head of Institutional Sales. That kind of progression matters in a market where institutional crypto relationships are built slowly, often person to person, and where trust is basically the whole product. Revolut is betting that track record translates.
What he’s walking into is a work in progress. Revolut’s existing business-facing crypto products — Crypto for Business and Revolut X for Business — are built around spot trading and corporate treasury management. Analytical tools, too. But whether the institutional offering will eventually include OTC execution, derivatives, financing, or lending? Unclear. Khatwani himself has described the institutional growth as ongoing, with specifics still to be determined. No details on team structure, either.
That’s not necessarily a bad sign. Institutional crypto desks at major fintech firms often get built around a key hire first, with the product roadmap following. Revolut seems to be doing exactly that.
Why Dubai, Why Now
The UAE has spent several years building one of the more coherent regulatory frameworks for digital assets anywhere in the world. Dubai’s Virtual Assets Regulatory Authority — VARA — has been issuing licences across a range of crypto service categories, and firms that get through the process early tend to benefit from first-mover positioning in a market that’s genuinely hungry for regulated services. Revolut clearly sees that.
Khatwani’s move to Dubai isn’t just symbolic. It puts the person responsible for building Revolut’s institutional crypto sales operation in the same city where the company’s most consequential near-term regulatory approvals are being finalized. That’s a practical decision. Institutional clients in the Gulf region — family offices, sovereign-adjacent funds, regional exchanges — want face time. They want someone local who can actually pick up the phone and meet for coffee, not a London-based executive who flies in twice a year.
The services Revolut plans to roll out in the UAE will be integrated into its retail app and into Revolut X, once final regulatory approval comes through. So it’s not a separate UAE-only product — it’s the same platforms, extended into a new regulated market. That’s probably the cleaner approach from a product standpoint, even if it means the launch date stays murky until VARA signs off completely.
Institutional Crypto: Still a Wide-Open Race
Revolut isn’t the only firm chasing institutional crypto clients right now. The space has gotten crowded fast — banks, dedicated crypto exchanges, and fintech platforms are all trying to capture corporate treasury mandates and high-volume trading relationships. Khatwani’s hire is a signal that Revolut wants to compete seriously in that segment, not just offer a basic API and call it institutional-grade.
But the gap between “we have institutional products” and “we are the preferred institutional platform” is wide. Revolut’s spot-trading and treasury tools are a starting point. Whether Khatwani can use his Crypto.com relationships and experience to pull in the kind of clients that move real volume — that’s the actual test. And it won’t happen overnight.
For now, Revolut has the hire, has the regulatory groundwork in the UAE, and has a general direction. Specific product features, team composition, and launch dates for Dubai services remain undisclosed.
Frequently Asked Questions
Who is Nilesh Khatwani and where did he come from?
Nilesh Khatwani is Revolut’s new Global Head of Institutional Sales, Crypto. He previously held the same title at Crypto.com, where he rose from Institutional Sales Manager to Director before reaching Global Head.
What regulatory approvals does Revolut have in the UAE?
Revolut secured approvals from the Central Bank of the UAE for Stored Value Facilities and Retail Payment Services, and received an in-principle approval from Dubai’s Virtual Assets Regulatory Authority for a VASP licence covering broker-dealer and exchange operations. Final approval is still pending.
Why It Matters
Revolut's strategic hiring of Nilesh Khatwani underscores the growing importance of the UAE as a hub for institutional crypto services, especially as regulatory frameworks continue to evolve in the region. This move not only enhances Revolut's capabilities in navigating the complex landscape of digital asset regulations but also reflects a broader trend of established financial firms seeking to capitalize on the increasing institutional interest in cryptocurrencies. As competition intensifies in the Middle East's burgeoning crypto market, Khatwani's experience could be pivotal in securing a competitive edge for Revolut.
