Revolut Halts Crypto Offerings in the United States Amid Regulatory Concerns

Revolut, the cryptocurrency-friendly trading neobank, is taking a step back from its crypto services in the United States due to ongoing regulatory uncertainties. Following the announcement of a partial delisting of certain digital assets from its platform, Revolut has decided to suspend all crypto services for its U.S. users. The firm shared this information.

Working together with its U.S. banking partner, Revolut aims to gradually suspend access to crypto through its platform, starting from September 2, 2023. By October 3, 2023, the suspension will be complete, and Revolut’s crypto services for U.S. customers will be fully disabled. This means that U.S. users will no longer be able to buy, sell, or hold any cryptocurrencies using Revolut.

A spokesperson for Revolut clarified that this decision will impact only a small portion of the company’s global crypto customers, amounting to approximately 1%. The spokesperson also emphasized that Revolut will continue to operate its non-crypto business in the United States.

Despite recognizing the potential disappointment this move may cause, Revolut highlighted that the decision was not taken lightly. The bank’s representatives expressed understanding for the concerns and questions of their U.S. crypto customers and assured that a dedicated support team would be available to assist them via in-app chat.

The process of suspending crypto services in the U.S. began with the delisting of cryptocurrencies like Cardano (ADA), Polygon (MATIC), and Solana, announced by Revolut in late June. The company had planned to proceed with the delistings in September. Before this suspension, Revolut supported around 30 cryptocurrencies for its U.S. users.

Revolut is not the only major crypto service provider facing challenges in the U.S. market. In mid-June, Crypto.com, a significant global crypto exchange, also announced the suspension of services to its institutional clients in the United States. These developments reflect the current regulatory complexities surrounding the cryptocurrency space in the U.S., impacting service providers’ operations and offerings.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you