Crypto Services Are Being Discontinued by Revolut Business Ahead of New UK Regulations

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Last Updated on December 19, 2023 by Bitfinsider

According to a media report, Neobank Revolut will momentarily stop accepting bitcoin purchases on its business platform in the UK at the start of the new year. Customers were informed by email that the decision only applied to purchases, suggesting that owning and selling cryptocurrency might continue unhindered.

According to Revolut, the delay was necessary to allow it more time to abide by new FCA regulations on cryptocurrency promotion that go into effect on January 8, 2024. As of January 3, Revolut Business will no longer be selling cryptocurrency. Customers were informed by Revolut Business in a message that was reposted in an X (formerly Twitter) post: “We’ll need to adjust our current Business crypto offering to make sure all of the new requirements are met.”

Revolut is the most recent company to be affected by the FCA regulations, which the regulator called “tough”. The goal of the June announcement of the regulations was to align cryptocurrency advertising with other high-risk financial products.

Customer warnings on the dangerous nature of cryptocurrency investments, a ban on referral bonuses, and a “cooling-off period” that delays first-time investor orders were some of the new requirements.

The deadline of January 8 is an extension given from October 8 when it became evident that there would be difficulties with compliance. The FCA has noticed minimal activity from numerous crypto companies as early as September. The FCA reported more than 200 rule violations by October 25. In November, the agency released more clarification on the regulations.

Following Bybit’s announcement in September that it was exiting the UK market, NMarinade Finance, based in Solana, started to ban users from the UK. Following a rule violation by its compliance partner, Rebuildoingsociety.com, Binance suspended customer onboarding in the nation in October.


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