Revolut Temporarily Halts Crypto Services in Response to FCA Regulations

According to the most recent rules from the Financial Conduct Authority (FCA), digital bank Revolut has stated that it is temporarily suspending some cryptocurrency services for its business clients in the United Kingdom. The suspension, which is a reaction to the FCA’s new regulations that were put into force in October, will start on January 3, 2024.

Significant modifications have been made for cryptocurrency companies as a result of the FCA’s recent regulatory amendments. These include the implementation of a mandated 24-hour cooling-off period and the need for unambiguous risk warnings. The purpose of these actions is to improve consumer protection in the cryptocurrency sector.

Revolut is coordinating its activities with the revised regulatory framework after registering with the FCA in September 2022 to provide cryptocurrency services. Revolut’s clients can continue to store and sell their current cryptocurrency holdings, even if some crypto services will be temporarily banned for corporate clients in the United Kingdom.

Industry-Wide Compliance

Revolut’s move is in line with a larger pattern in the cryptocurrency space, wherein companies like Bybit, PayPal, and Luno have either modified their offerings or exited the UK market in order to comply with FCA regulations. The main objective is to improve consumer protection by putting in place measures like danger alerts and cooling-off times.

Revolut’s decision to temporarily halt some cryptocurrency services demonstrates its dedication to following the law while guaranteeing its U.K. consumers’ continuing access to cryptocurrency within the revised legal environment. In order to reconcile compliance with the needs of its customers, the digital bank is negotiating the constantly changing regulatory environment.

Meta Description: In response to new restrictions from the Financial Conduct Authority (FCA), Revolut, the digital bank, has temporarily suspended some cryptocurrency services for its business clients in the United Kingdom.