Odaily Planet Daily News The CEO of fintech giant Revolut, Nikolay Storonsky, has dismissed the idea of listing on the London Stock Exchange, stating that it is "unreasonable" compared to the U.S. market. In comments on the 20VC podcast, Storonsky criticized the UK's 0.5% stamp duty on stock trades and emphasized that limited liquidity is a major drawback for companies considering an IPO in London. "The liquidity in the UK is worse, so it is much worse compared to the U.S., and the cost of listing in the UK is much higher due to the stamp duty. This is unreasonable," Storonsky said. He pointed out that unless the UK provides a more competitive environment, the U.S. market remains a reasonable option for Revolut's potential public listing. Storonsky made these remarks as the London Stock Exchange struggles to cope with a significant outflow of companies. According to the Financial Times, 88 companies are set to delist or shift their primary listing location from the London main market in 2024, marking the largest capital outflow since the financial crisis. Although the UK is continually reforming to enhance its attractiveness, U.S. exchanges continue to attract UK companies with deeper pools of capital and greater investor interest. Revolut was recently valued at $45 billion and received a temporary banking license in the UK in June after a three-year wait. However, Storonsky stated that if he were to start Revolut today, he would choose the U.S. as its base. Meanwhile, the new bank continues to expand its operations in the digital assets field. Its cryptocurrency-focused trading platform, Revolut X, was launched in the UK earlier this year and has now expanded to 30 European markets. (DL News)