Revolut pauses UK crypto trading for business clients amid regulatory changes

2023-12-18 20:50:31

In response to new regulations from the FCA, digital bank Revolut has announced the temporary suspension of specific crypto services for its U.K. business clients, effective Jan. 3.

The FCA’s new rules, effective since October, necessitate significant adjustments for crypto firms, including the implementation of a 24-hour cooling-off period and clear risk warnings.

Having registered with the FCA in September last year to provide crypto services, Revolut’s clients will retain the ability to hold and sell existing crypto holdings.

This move aligns with a broader trend within the crypto industry, where several firms, including Bybit, PayPal, and Luno, have adjusted their services or withdrawn from the U.K. market to comply with the FCA’s regulatory framework. The measures aim to enhance consumer protection by introducing safeguards such as cooling-off periods and risk warnings.

Revolut is prioritizing adherence to regulatory requirements while allowing continued crypto engagement for its U.K. clients within the confines of the updated regulatory framework.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.