Revolut Temporarily Suspends Crypto Services for UK Business Customers
Revolut is reportedly planning to halt some of its cryptocurrency services for business customers in the UK. This decision comes as a response to new regulations set by the Financial Conduct Authority (FCA) that will be implemented in the new year.
Changes Starting from January 3, 2024
Starting from January 3, 2024, UK customers using Revolut Business will no longer be able to purchase cryptocurrencies through the platform. However, business customers can still hold and sell their existing crypto holdings. It’s important to note that these changes will not affect Revolut’s retail customers.
Temporary Suspension to Adapt Services
Revolut has emphasized that this temporary suspension is intended to give the company enough time to adapt its services and comply with the new requirements set by the FCA. The FCA’s new regulations, released in October, include cautionary measures for firms offering crypto services and restrictions on promoting cryptocurrency assets.
FCA Allows Transition Period for Compliance
Among the regulatory changes are the introduction of a 24-hour “cooling off period” and a prohibition on incentives like “refer a friend” bonuses. Registered crypto firms have until January 8, 2024, to fully comply with these regulations, allowing them a transitional period for implementing necessary features.
The Importance of Compliance
Revolut’s proactive response to regulatory changes highlights the dynamic nature of the crypto market and the significance of compliance in protecting investors’ interests.
Hot Take: Revolut Adapts Crypto Services in Response to New Regulations
Revolut has announced that it will temporarily suspend certain cryptocurrency services for its business customers in the UK. The decision comes as a response to new regulations from the Financial Conduct Authority (FCA) that will be implemented in early 2024. While business customers will no longer be able to purchase cryptocurrencies through the platform, they can still hold and sell their existing holdings. This temporary suspension is aimed at allowing Revolut to adapt its services and comply with the FCA’s new requirements. The FCA has provided a transitional period for registered crypto firms to fully comply with the regulations, emphasizing the importance of ensuring compliance in the evolving financial landscape.
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