Revolut, a fintech firm, will no longer allow UK business clients to buy cryptocurrency using its platform starting in the new year. While UK business customers can still hold or sell crypto, they will be unable to make additional purchases. This decision comes as Revolut seeks to comply with new requirements set by the Financial Conduct Authority (FCA) in October. The FCA’s aim is to enhance customer protection and improve the investor journey for crypto assets. As a result, Revolut needs to adjust its current Business crypto offering to meet these new requirements. Retail customers will not be affected by these changes.
Halted and limited service
Earlier this year, Revolut suspended crypto services in the U.S. due to regulatory challenges. Similarly, crypto firms in the UK are working to navigate the market while adhering to government regulations that balance innovation and user protection. In November, PayPal UK successfully registered with the FCA to offer certain crypto asset activities within the country.
Hot Take: Revolut Halts UK Business Customers from Buying Crypto
Revolut has announced that it will cease allowing UK business customers to purchase cryptocurrency on its platform from January 3rd onwards. However, these customers will still have the ability to hold or sell their existing crypto assets. The decision was made in response to new requirements set by the Financial Conduct Authority (FCA) aimed at enhancing customer protection and improving the investor experience with crypto assets. Revolut is adjusting its Business crypto offering accordingly. This move follows Revolut’s suspension of crypto services in the U.S., demonstrating the challenges faced by fintech firms in navigating regulatory environments worldwide.
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