Revolut, a challenger bank, has revealed plans to halt access to cryptocurrencies for its US customers starting from October 3rd.
As of September 2nd, 2023, Revolut’s customers in the US will no longer be able to initiate buy orders for cryptocurrencies through the bank. The complete suspension of access to crypto services for US customers will take effect a month later.
A representative from the bank noted that the decision to withdraw crypto services in the US is a response to the “evolving regulatory environment” and uncertainties surrounding the cryptocurrency market within the country.
Starting October 3rd, 2023, Revolut will fully disable access to cryptocurrencies, preventing US customers from engaging in buying, selling, or holding any cryptocurrencies. The bank acknowledges the potential disappointment this decision might cause but emphasises that this suspension only affects a small portion – less than 1% – of its global crypto customer base. Users of Revolut outside the US will remain unaffected.
Revolut originally entered the digital banking landscape in the US in March 2020, bringing many of the features it had already introduced to its UK home market.
This move to suspend crypto operations in the US comes amid growing tensions between cryptocurrencies and US financial regulators. Just two months ago, the US Securities and Exchange Commission (SEC) took legal action against major players in the crypto industry, such as Coinbase and Binance, as part of what seems to be an intensified regulatory approach toward crypto.
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