Italy launches investigation into online bank Revolut for 'misleading' clients
It also said that while Revolut promoted a no-commissions policy, it failed to clarify that there were additional costs and limitations tied to such investments.
Italy's financial police conducted an inspection of Revolut's Italian unit in Milan on Tuesday.
Revolut, which has 3.4 million clients in Italy, said it would cooperate with the investigation.
"Revolut remains fully committed to upholding the highest standards of compliance and customer protection in Italy and across the globe," the bank said in a statement.
Launched in 2015, Revolut operates in the EU under a Lithuanian licence.
Its rapid growth has drawn criticism in recent years over its ability to comply with financial regulations.
Italy's watchdog on Thursday criticised the bank for its disclosures on cryptocurrencies, saying it failed to make clear that clients would not be able to modify their stop-loss and take-profit settings in order to manage their financial risks.
It also said Revolut "omitted or provided in an unclear manner" the terms and conditions for suspending or blocking accounts, noting that customers were not given adequate notice or assistance.
This resulted in long periods in which customers could not access their funds.
In April, Revolut was fined €3.5 million by Lithuania over failures in its anti-money laundering control policies.
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