Revolut Pauses UK Crypto Services Over FCA's New Ad Rules

• Revolut Pauses Certain Crypto Services for U.K. Business Clients
• Revolut's Registration with the FCA
• FCA's New Promotions Rules
• Bybit, Paypal and Luno's Response to the New Rules
• Revolut's Comments on the Decision
• Related Reading: Suspension of Services by Various Crypto Firms in the U.K.

Revolut Pauses Certain Crypto Services for U.K. Business Clients

Digital banking platform Revolut has announced plans to temporarily suspend some of its cryptocurrency services for U.K. business clients. This decision comes on the heels of stringent new regulations introduced by the country's financial watchdog, as per a report by City A.M.

Revolut's Registration with the FCA

Revolut, registered with the United Kingdom's primary digital asset regulator, the Financial Conduct Authority (FCA), in September of the previous year, has decided to halt its U.K. clients' ability to purchase cryptocurrencies via Revolut Business from the start of January 3, 2024. However, customers in the country will retain the ability to hold and sell cryptocurrencies, according to the report.

FCA's New Promotions Rules

A significant number of cryptocurrency firms have been forced to retract their services to conform to the FCA's new promotions rules, implemented in October. These rules mandate that firms introduce substantial modifications to their systems, including a 24-hour cooling-off period prior to some customer purchases and explicit cryptocurrency risk warnings.

Bybit, Paypal and Luno's Response to the New Rules

Cryptocurrency exchange Bybit and payments behemoth PayPal have also chosen to withdraw certain services from the U.K. in response to these new regulations. Another firm, Luno, opted to prevent some of its clients from investing in cryptocurrencies via its platform.

Revolut's Comments on the Decision

Revolut was contacted for further comments on this matter.

Related Reading: Suspension of Services by Various Crypto Firms in the U.K.

Edited by Jonathan Stoker