Revolut, a popular UK fintech firm, has announced that it will be terminating its cryptocurrency services for users in the United States. The decision is said to be based on the challenging regulatory environment in the US. Starting from September 2nd, Revolut’s US customers will no longer be able to purchase cryptocurrencies.
The company informed its users in the US through an email. While they will still be able to sell their existing crypto assets until October 2nd, they will no longer be able to buy, sell, or hold crypto assets on the platform from October 3rd onwards.
According to a spokesperson from Revolut, the decision to halt crypto services in the US was made in collaboration with their US banking partner, Metropolitan Commercial Bank. It was driven by the evolving regulatory landscape and uncertainties surrounding the crypto market in the country.
Fortunately, this decision only affects Revolut users in the US. Customers outside of the US will still be able to enjoy the company’s cryptocurrency services without any interruption. They can register and continue to use Revolut’s platform for crypto transactions.
This development comes just a month after Revolut delisted three cryptocurrencies – Polygon (MATIC), Solana (SOL), and Cardano (ADA) – in the US. These tokens were deemed unregistered securities by the US Securities and Exchange Commission (SEC). The delisting was likely a sign of increasing regulatory scrutiny on the cryptocurrency industry in the US.
For US users who fail to sell their crypto holdings before the October 2nd deadline, their assets will be liquidated on October 3rd. The company has assured that users will receive the current market price for each token at that time.
Revolut’s decision to terminate crypto services in the US is a significant setback for cryptocurrency enthusiasts in the country. It highlights the challenges faced by fintech companies in navigating the complex and rapidly evolving regulatory landscape surrounding cryptocurrencies. As the crypto market continues to grow, regulatory compliance will remain a crucial factor for companies operating in this space.