Fintech company Revolut has announced that it will no longer permit its business clients in the UK to purchase cryptocurrency on its platform in the new year.
According to reports, Revolut’s corporate clients in the UK would be allowed to store or sell cryptocurrency, but they won’t be able to buy more.
As stated in the email, Revolut is “suspending the services to give it more time to adjust to new requirements set by the Financial Conduct Authority in October,” as per the report.
Business customers will no longer be able to purchase cryptocurrency as of January 3, but retail consumers will not be impacted.
“These specifications are meant to improve the client experience and offer more security to both new and current cryptocurrency asset owners,” Revolut stated in the email. “As a result, we’ll need to adjust our current Business crypto offering to make sure all of the new requirements are met.”
Revolut stopped offering cryptocurrency services in the United States in August due to what it described as the difficult regulatory climate in the nation.