Revolut, a digital bank, has announced that it will suspend some of its cryptocurrency services for its business clients in the United Kingdom. This decision comes as the company prepares for stricter regulations from the Financial Conduct Authority (FCA).
Starting from January 3, 2024, Revolut will pause the ability of its UK customers to buy cryptocurrency through Revolut Business. The company states that it needs more time to adjust to the new requirements set by the FCA, which will come into effect on January 8, 2024. However, this suspension will not affect Revolut’s other customers.
The FCA has been implementing a regulatory framework to manage cryptocurrency activities in the UK. In June, the FCA introduced new guidelines that included a “cooling-off” period for crypto buyers and the removal of “refer a friend” bonuses. These policies aim to protect investors and require crypto firms to provide warnings about the high-risk nature of crypto activities.
As a result of the FCA’s regulations, several firms, including PayPal and crypto exchange Luno, have suspended their crypto services in the UK. Revolut’s decision to suspend some of its crypto services for business clients is in line with these concerns over compliance with the FCA’s rules.
Overall, Revolut’s move to temporarily suspend crypto services for its UK business clients is a response to the incoming regulations from the FCA. The company aims to adjust its offerings to meet the new requirements and enhance customer protection in the crypto asset space.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇬🇧 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Financial Conduct Authority (FCA), Bybit, Revolut, Luno, PayPal, City A.M. |
| Currencies | None |
| Securities | None |
