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> been a fully licensed bank for ~6 months

They had an EU license in Lithuania for years.

Not a bank until 2018

And they clearly figured that was easier than going through the UK where they had previously been licensed

No, they had a standard bank license, no different than any other bank operating in the country. Of course it was only valid in the EU not Britain.

edit: Comment no longer makes much sense after the one above was edited

my understanding is the full licences was only granted in 2021 in the eea and 2026 in the UK

They had an emi license before .

7-8 years surely qualify as "for years"?

only since 2021, so a few years.

but compare that to their competitors who got a license at the very start