In response to new FCA regulations, Revolut suspends specific crypto services for UK business clients
Digital bank Revolut has temporarily suspended certain crypto services for its business clients in the UK, starting from January 3. The move comes as a result of new regulations from the Financial Conduct Authority (FCA), which require crypto firms to make significant adjustments, including implementing a 24-hour cooling-off period and clear risk warnings. Despite the suspension, Revolut’s UK clients will still be able to hold and sell their existing crypto holdings.
Aligning with industry trend
This decision by Revolut is in line with a larger trend in the crypto industry, where several firms, such as Bybit, PayPal, and Luno, have either adjusted their services or withdrawn from the UK market altogether to comply with the FCA’s regulatory framework. These measures are aimed at improving consumer protection by introducing safeguards like cooling-off periods and risk warnings.
Adhering to regulations while allowing continued engagement
Revolut is prioritizing compliance with regulatory requirements while still enabling its UK clients to engage in crypto activities within the updated regulatory framework.
Hot Take: Revolut Temporarily Suspends Crypto Services for UK Business Clients
Digital bank Revolut has announced a temporary suspension of specific crypto services for its UK business clients in response to new regulations from the FCA. The move aligns with an industry-wide trend of firms adjusting their services or exiting the UK market to comply with regulatory requirements. Despite this suspension, Revolut’s clients can still hold and sell their existing crypto holdings. The company aims to prioritize adherence to regulations while allowing continued engagement in the crypto space for its UK clients. This decision highlights the ongoing efforts within the industry to enhance consumer protection through measures like cooling-off periods and risk warnings.
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