PayPal Pauses Crypto Buying Services in UK
PayPal has announced that it will temporarily pause crypto buying services in the UK to comply with new rules enacted by the UK Financial Conduct Authority (FCA). The pause will be effective from 1 October 2023 and the service will be re-enabled in early 2024. This decision is in response to the FCA’s new rules that require additional steps to be implemented before customers can purchase crypto.
Key Points:
- PayPal will temporarily pause crypto buying services in the UK to comply with new FCA rules.
- The pause will be effective from 1 October 2023 and the service will be re-enabled in early 2024.
- The FCA’s new rules aim to ensure that users who buy crypto understand the risks involved.
- PayPal is committed to complying with the regulations and works closely with regulators worldwide.
- While crypto purchases are paused, users can still hold and sell their existing crypto assets.
The FCA’s new rules for marketing cryptoassets to UK consumers require crypto firms to ensure that people have the appropriate knowledge and experience to invest in crypto. The rules bring crypto promotions, including adverts, under the regulator’s remit. PayPal stated that it is deeply committed to complying with these regulations and consistently works closely with regulators around the world. Although users will not be able to buy crypto using PayPal during the pause, their existing crypto assets will remain safe and they can still sell them.
In conclusion, PayPal’s temporary pause of crypto buying services in the UK is a result of the company’s commitment to comply with the new regulations set by the FCA. This move aims to ensure that users understand the risks associated with buying crypto and to promote responsible investing. While the pause may inconvenience some users, it demonstrates PayPal’s dedication to regulatory compliance and maintaining the safety of users’ assets.
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