Revolut to Halt Cryptocurrency Trading in US

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Revolut, a cryptocurrency-friendly trading neobank, is set to suspend all its crypto services for U.S. users in light of the ongoing regulatory uncertainty. From September 2, 2023, Revolut, in partnership with its U.S. banking partner, will begin to suspend access to crypto through its platform. On October 3, the access will be fully disabled and U.S. customers will no longer be able to buy, sell, or hold any cryptocurrency.

According to a spokesperson for the online bank, this decision will affect just 1% of Revolut’s global crypto customers. The firm, however, will continue to operate its non-crypto business in the U.S. Revolut customers in the U.S. will soon receive an email containing all the relevant information regarding the suspension. The company has a dedicated support team available to answer any questions via its in-app chat.

Previously, Revolut US had announced delisting of certain digital assets from its platform in late June. As of late July, the firm supported a total of roughly 30 cryptocurrencies in the United States.

In a similar vein, major crypto services have been struggling to continue servicing their customers in the U.S. Crypto.com, a major global crypto exchange, announced the suspension of services to institutional clients in the U.S. in mid-June.

It remains to be seen how the crypto regulation in the U.S. will develop under the SEC Chair Gary Gensler.

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