PayPal has announced that it will pause the sales of cryptocurrencies in the United States and the United Kingdom from October 1st. This decision comes as the Financial Conduct Authority (FCA) has recently announced new rules that require crypto companies to implement “clear risk warnings” and provide customers with a 24-hour cooling off period before their money can be invested in crypto assets.
PayPal is deeply committed to comply with the regulations in question and, as a result, has decided to suspend the sales of crypto until the necessary changes are made. Alex Chriss has recently replaced Dan Schulman as the Chief Executive of the company.
It is likely that crypto sales will resume on PayPal platform in Early 2024. During this period, users will still have the option to both sell and hold their crypto assets. In addition, PayPal will launch its own stablecoin called PYUSD within the next few weeks. The value of this coin will be fixed at $1.
It is worth mentioning that the announcement of this decision has caused the company’s shares to drop by around 20% this month.
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