London-based fintech firm Revolut has revealed plans to suspend cryptocurrency services in the United States due to the evolving regulatory environment and uncertainties surrounding the crypto market in the country.
The decision will take effect beginning September 2, 2023. Since then, U.S. customers will no longer have the option to place buy orders for cryptocurrencies on the Revolut platform.
The move is part of a larger trend of firms abandoning their crypto businesses in the U.S. due to the country’s strict stance against the asset class.
A company spokesperson said that Revolut was actively exploring alternative ways to provide access to crypto products in the U.S. and hoped to reintroduce crypto services in the future.
The spokesperson emphasized that this decision was difficult and acknowledged the potential disappointment it might cause among U.S. customers.
“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.,” the spokesperson said, as quoted by Decrypt. “This decision has not been taken lightly, and we understand the disappointment this may cause.”
All customers in the U.S. who utilize Revolut’s crypto services received an email notifying them of the impending changes. The email expressed the regret of the company for having to close down its cryptocurrency platform in the U.S., as seen in a copy of the email obtained by Decrypt.
The regulatory landscape has become more challenging for crypto-related businesses in the U.S. The Securities and Exchange Commission (SEC) has contended that most cryptocurrencies are securities, subjecting them to investor protection regulations.
This stance culminated in the SEC’s legal actions against major crypto exchanges Coinbase and Binance in early June for allegedly failing to register certain cryptocurrencies as securities. Both exchanges have since denied these allegations.
In response to the SEC’s actions, Revolut delisted three cryptocurrencies — Cardano (ADA), Solana (SOL), and Polygon (MATIC). These tokens were classified as securities by the regulatory authority. The platform plans to complete the delisting process by September 18 at the latest.
While most crypto companies contest the SEC’s jurisdiction and have been advocating for Congress to formulate laws that categorize cryptocurrencies as commodities rather than securities, Revolut’s decision to halt crypto services remains unaffected by these efforts.
The move does not affect Revolut’s operations outside the U.S. Revolut’s cryptocurrency services will continue to operate and are expanding in other regions, especially in Europe.
“Revolut customers in all other markets can continue to sign up and enjoy using our crypto services,” a Revolut spokesperson told Decrypt.
In February, the company introduced a staking program that allows customers in the U.K. and approximately 30 other European countries to earn rewards in crypto assets. The initiative is part of Revolut’s strategy to enhance its range of crypto-related services.
The potential rewards offered to customers will be contingent on the specific customer and the type of token being staked. However, the platform highlights that customers could potentially achieve an annual percentage yield of up to 11.65 percent.
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