Cryptocurrency-friendly trading neobank Revolut is ceasing its crypto services in the United States due to regulatory uncertainty.
In a statement to Cointelegraph on Aug. 4, the company revealed its decision to suspend all crypto services for U.S. users.
Collaborating with its U.S. banking partner, Revolut aims to halt access to cryptocurrencies through its platform starting from Sept. 2, 2023.
Subsequently, on Oct. 3, the firm will completely shut down crypto services on Revolut for U.S. customers, prohibiting them from buying, selling, or holding any cryptocurrencies.
The company’s spokesperson clarified that this move would impact only “1%” of its global crypto customers and asserted that Revolut would continue operating its non-crypto business in the United States.
While acknowledging the disappointment this decision may cause, the representative assured that crypto customers in the U.S. would receive all relevant information about the suspension through email communication from Revolut.
The dedicated support team would also be available through the in-app chat to address any concerns and questions.
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In late June, Revolut US had already announced the delisting of certain cryptocurrencies like Cardano (ADA), Polygon (MATIC), and Solana (SOL), with plans to proceed with delistings in September.
At that time, the platform supported around 30 cryptocurrencies in the United States.
The United States’ regulatory environment for cryptocurrencies has posed challenges not just for Revolut but also for other major crypto services.
Crypto.com, a global crypto exchange, suspended services to institutional clients in the U.S. in mid-June due to similar regulatory concerns.
Revolut’s decision to wrap up crypto services in the U.S. showcases the impact of regulatory uncertainty on the crypto industry.
As the company focuses on its non-crypto business in the U.S., it highlights the importance of clear and comprehensive regulations in the cryptocurrency space to foster innovation and ensure consumer protection.
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