Report: Revolut to Temporarily Halt Crypto Services for UK Business Customers

Revolut Halts Crypto Purchases for UK Business Clients

Revolut, a financial technology company, is planning to temporarily suspend cryptocurrency purchases for its business clients in the United Kingdom. This decision comes in response to new regulations on crypto promotion set by the UK’s Financial Conduct Authority (FCA), which will take effect in January 2024.

Temporary Suspension of Crypto Purchases

According to an email from Revolut cited by City A.M, starting from January 3, 2024, Revolut’s UK business customers will only be able to sell and hold crypto but not make purchases via Revolut Business. The company states that this adjustment is necessary to comply with the new FCA rules.

Impact on Retail Customers Unclear

The email from Revolut does not mention retail customers, indicating that they may not be affected by the suspension. It remains unclear whether retail customers will also face restrictions on crypto purchases.

Regulatory Actions by Other Companies

In August, PayPal announced a similar action for its UK customers, temporarily disabling crypto purchases on its platform. Binance, a major crypto exchange, has also stopped accepting new users in the UK due to restrictions imposed by the FCA.

FCA’s Regulatory Oversight

The FCA continues to prioritize consumer protection and maintains strict regulatory oversight over the crypto industry. While core rules on crypto marketing became effective in October 2023, firms were given an extension until January 2024 to implement necessary technical developments.

Hot Take: Crypto Purchases Temporarily Halted for Revolut’s UK Business Clients

Revolut has announced that it will temporarily suspend cryptocurrency purchases for its business clients in the UK starting from January 3, 2024. This decision is in response to new regulations on crypto promotion set by the FCA. While the impact on retail customers is unclear, other companies like PayPal and Binance have also taken similar actions due to regulatory restrictions. The FCA continues to prioritize consumer protection and maintain strict oversight over the crypto industry. These developments reflect the evolving regulatory landscape for cryptocurrencies in the UK.