Revolut’s suspension of crypto services in the United States will impact 1% of the company’s total global user base, the company said.
Cryptocurrency-friendly trading neobank Revolut is discontinuing its crypto services in the United States because of continuing regulatory uncertainties.
Shortly after making the announcement that it will be delisting some digital assets in part from its platform, Revolut made the decision to halt all cryptocurrency-related services for customers in the United States.
Together with its U.S. banking partner, Revolut will be aiming to restrict access to cryptocurrencies on its platform effective September 2, 2023. The company will thereafter totally discontinue crypto services on Revolut on October 3, according to a spokeswoman for the online bank, adding:
“The access to cryptocurrencies through Revolut will be fully disabled and US customers will no longer be able to buy, sell, or hold any cryptocurrencies.”
Source: revolut.com
The Revolut representative emphasized that the decision to exit the U.S. market will affect “less than one per cent” of the company’s global crypto clients. Revolut will continue to run its non-crypto business in the United States, its spokesperson stated.
“This decision has not been taken lightly, and we understand the disappointment this may cause,” a representative for Revolut stated.
Customers of cryptocurrency in the United States will soon be able to see every important detail about the suspension in the email they received from Revolut. “Our committed support team is available to address any concerns and questions our U.S. crypto customers may have via our in-app chat,” the statement concluded.
Revolut US announced the delisting of cryptocurrencies like Cardano, Solana (MATIC), and Solana in late June, as was previously reported. In September, the business intended to move forward with delistings. As of late July, Revolut supported about 30 cryptocurrencies in the United States.
Recently, some significant crypto services have struggled to keep serving their US customers. Crypto.com, a leading worldwide cryptocurrency exchange, announced the suspension of services to institutional clients in the United States in mid-June.
Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.
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