Revolut to suspend crypto services for UK businesses amid regulatory overhaul

Revolut has declared a impermanent halt to its cryptocurrency trading services for its concern clients successful the U.K. This determination is successful effect to projected regulatory modifications, arsenic reported by City A.M. connected Dec. 18.

The Financial Conduct Authority (FCA) has rolled retired a bid of caller rules for the crypto manufacture successful October, acceptable to beryllium implemented successful aboriginal 2024.

Suspension of crypto trading

According to interior communications obtained by the quality outlet, Revolut volition discontinue the enactment for U.K. concern customers to acquisition cryptocurrencies done its level starting from Jan. 3, 2024. However, these customers volition clasp the quality to clasp and merchantability their existing crypto assets. The company’s retail clients volition not acquisition immoderate changes successful their service.

While Revolut has not issued a ceremonial statement, the institution confirmed the authenticity of the accusation circulated successful the email, which elaborated connected the company’s committedness to adapting its concern crypto offerings to conscionable the caller regulatory requirements, emphasizing the extremity of improving lawsuit acquisition and ensuring greater extortion for crypto investors.

New rules

The determination by Revolut is simply a strategical determination to align with the caller regulations acceptable distant by the FCA successful October. These regulations are expected to present respective measures aimed astatine enhancing capitalist extortion successful the crypto market.

Notable among these is the instauration of a 24-hour cooling-off play for caller crypto investments and a prohibition connected promotional incentives similar ‘refer a friend’ bonuses.

The FCA has scheduled the enforcement of these rules for Jan. 8, 2024, allowing registered crypto businesses capable clip to integrate indispensable technological updates to comply with the caller standards.

Revolut’s proactive attack successful the UK aligns with its anterior stance successful the U.S, wherever it besides temporarily suspended its crypto activities owed to regulatory ambiguities.

This improvement signifies a increasing inclination among fintech firms to accommodate to the evolving regulatory scenery surrounding cryptocurrencies proactively, underlining the sector’s committedness to compliance and lawsuit protection.

The station Revolut to suspend crypto services for UK businesses amid regulatory overhaul appeared archetypal connected CryptoSlate.