The popular fintech company, Revolut, known for its diverse financial services, has announced its decision to terminate cryptocurrency-related services for its US customers. The firm cited the “regulatory environment” as the primary reason behind this move.
“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we’ve taken the difficult decision, together with our U.S. banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.,” a Revolut spokesperson told.
From September 2, 2023, U.S. customers will no longer be able to place buy orders for cryptocurrencies on the Revolut platform. Users can continue to place sell orders until October 2 and from Oct. 3, the platform will be fully closed so users won’t be able to buy, sell or hold any cryptocurrencies.
From this date, U.S. customers will no longer be able to place buy orders for cryptocurrencies on the Revolut platform. A Revolut spokesperson said, “Revolut is actively pursuing alternative means of providing access to crypto products and we hope to offer crypto in the US again in the future.”
This decision won’t affect Revolut’s customers outside the U.S. and is impacting less than 1% of the company’s crypto customers globally. Revolut customers in all other markets can continue signing up and using the platform’s crypto services.
The move comes as regulatory scrutiny on digital assets increases, with financial authorities seeking to address concerns related to consumer protection, anti-money laundering (AML), and investor risk.
Also Read: Revolut Pulls Solana, Cardano, and Polygon in the US
