Revolut, a leading British fintech company, has announced its decision to suspend cryptocurrency services for its customers in the United States.
The decision comes in response to the evolving regulatory environment and the uncertainties surrounding the crypto market in the US.
In a statement released on Friday, the company cited the need to comply with the regulatory requirements and address the market uncertainties.
A spokesperson for Revolut explained that the difficult decision was made in collaboration with their US banking partner.
From September 2, US customers will no longer be able to purchase cryptocurrencies through the Revolut platform. Furthermore, starting from October 3, all cryptocurrency-related activities, including buying, selling, and holding, will be disabled for US customers.
While the move will impact Revolut’s crypto customers in the US, the company emphasized that the number of affected users is relatively small, representing less than 1% of their global cryptocurrency customer base.
The decision was taken to ensure compliance with regulations and address concerns arising from the volatile nature of the crypto market in the US.
Revolut’s decision to suspend cryptocurrency services in the US reflects the challenges faced by fintech companies operating in the rapidly evolving digital currency landscape.
As regulatory frameworks continue to develop, companies like Revolut are navigating the complexities to provide secure and compliant services to their customers around the world.
