- The FinTech firm will suspend all crypto transactions in the US on October 3.
- The decision followed the delisting of major cryptocurrencies by the neo-bank.
Revolut is suspending its cryptocurrency services for users in the US due to the changes in the regulatory environment and the uncertainty in the sector, the company said in a statement this week. The British FinTech firm added that the decision had been made with its banking partners.
Thus, from September 2, US users will reportedly no longer buy cryptocurrencies on Revolut. From October 3, all transactions involving buying, selling, or holding crypto will be suspended on the platform in the US. According to Friday’s announcement, Revolut said this recent development will only affect 1% of its global customers.
The US regulators led by the Securities and Exchange Commission (SEC) recently launched enforcement actions against cryptocurrency companies, including Binance and Coinbase. The regulator has also targeted individual tokens, terming some of them as securities that must be registered before being offered to the public.
Suspension Of ADA, SOL, & MATIC
In June, Revolut announced plans to suspend the trading of altcoins ADA, SOL, and MATIC for users in the US. In the announcement, the neo-bank said customers could continue holding the tokens until September 18. The company said the decision was arrived at because of the changing regulatory environment in the US and its banking partners’ decision to delist the tokens.
Revolut is not the only company to suspend the trading of particular cryptocurrencies due to regulation changes. Similar steps were taken by rivals Robinhood, eToro, and Bakkt. ADA, SOL, and MATIC were classified as securities in the SEC’s lawsuit against Binance and Coinbase.
Meanwhile, the cryptocurrency industry has slammed the US regulators for not providing proper regulatory guidance. During its earnings call on Thursday, Coinbase announced that it was moving to court to challenge the lawsuit brought against it by the SEC. The exchange maintains that the regulator is overstepping its authority.
