British financial technology company Revolut will suspend its cryptocurrency activities in the United States. The reason is the uncertainty regarding the regulation of cryptocurrencies in the country, CoinDesk reported. Revolut customers outside the United States are not affected by this move. The decision will thus affect less than one percent of Revolut’s clients who trade with cryptocurrencies.
Sales only
According to a letter the firm sent to clients, American customers will no longer be able to buy cryptocurrencies through the Revolut platform starting September 2. However, they will be able to continue selling them for another 30 days. From October 3, access to cryptocurrencies will be completely prohibited.
The platform said it made the decision together with its US banking partner due to the evolving regulatory environment in the country. Regulators led by the US Securities and Exchange Commission (SEC) are targeting cryptocurrencies, targeting platforms such as Coinbase and Binance, as well as a number of individual tokens. They claim they are violating federal law.
25 million customers
Revolut is based in London and has around 25 million customers worldwide. It offers a range of cryptocurrency services, including trading and so-called staking, in various jurisdictions, primarily European.
“Revolut is actively looking for alternative ways to provide access to cryptocurrency products, and we hope to offer cryptocurrency services in the US again in the future,” the spokesperson said. The decision to suspend cryptocurrency activities in the US was described by the platform as difficult.
Revolut was founded in 2015. It has no physical branches and offers digital banking, money transfers and cryptocurrency and stock trading through a single app.
source: ČTK
