Revolut halts US crypto services
Global fintech Revolut put the decision down to the “evolving regulatory landscape” and uncertainties in the US market.
Revolut is closing its US crypto platform over the uncertain regulatory environment.
As of 2 September, customers in the US will not be able to buy crypto through the Revolut app, though they will be able to sell their assets for another 30 days before access is cut off.
Revolut said it made the “difficult decision” with its US banking partner because of the “evolving regulatory environment” and “uncertainties” around the crypto market in the US.
"This decision has not been taken lightly, and we understand the disappointment this may cause,” a Revolut spokesperson said.
“This suspension does not affect Revolut users outside of the US in any way, and impacts less than 1 per cent of Revolut’s crypto customers globally. Revolut customers in all other markets can continue to sign up and enjoy using our crypto services.”
Revolut is far from the first company to raise issue with the current state of US crypto regulation in recent months as the Securities and Exchange Commission (SEC) has been tightening controls on crypto.
In May, both Coinbase and Ripple hinted at the United Arab Emirates as a potential business hub, and the month before that Coinbase CEO Brian Armstrong took to the Innovate Finance Global Summit stage and said the fintech would consider moving to London if regulatory confusion remained.