PayPal to pause UK crypto purchases starting in October

PayPal stated successful an email to prime users connected Aug. 14 that it volition temporarily intermission crypto buying services successful the U.K. successful the coming months.

That connection states that the work volition beryllium paused starting connected Oct. 1, 2023, and volition resume astatine an unspecified day successful aboriginal 2024.

Though buying volition beryllium unavailable, PayPal said that users volition beryllium capable to clasp and merchantability their cryptocurrency during the work disruption. The institution did not authorities whether users volition beryllium capable to transportation cryptocurrency to different wallets and exchanges, though it appears that this diagnostic is lone disposable to users successful the U.S. astatine present.

The institution assured users their crypto remains harmless and said holding volition not incur a charge. It apologized for the inconvenience to customers.

U.K. rules necessitate updated compliance

PayPal said it is pausing crypto purchases owed to introducing caller rules from the U.K. Financial Conduct Authority (FCA). It said that those rules volition necessitate it to “implement further steps earlier customers tin acquisition crypto.”

The institution did not specify which rules are concerned. The U.K. volition statesman to enforce a Crypto Travel Rule successful September 2023 that requires crypto companies to cod accusation astir parties progressive successful transactions, though this rule’s September deadline does not look to enactment up with PayPal’s October work change.

The FCA besides recently introduced caller promotional rules that purpose to power however crypto tin beryllium promoted oregon advertised to imaginable investors. These rules travel into effect successful October but bash not look to lucifer PayPal’s statement of user-focused requirements.

PayPal’s reduced U.K. services are peculiarly notable owed to the information that the institution is expanding its crypto offerings successful the United States.

The institution said that it would offer its ain USD stablecoin connected Aug. 7. Later, 1 PayPal enforcement suggested that the stablecoin could spot extensive usage successful DeFi. Other reports suggest the institution is combining its features into a “Cryptocurrency Hub.”

The station PayPal to intermission UK crypto purchases starting successful October appeared archetypal connected CryptoSlate.