As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Revolut ceases U.S. crypto operations over regulatory challenges

Revolut ceases U.S. crypto operations over regulatory challenges

Publish Date: 07/08/2023
Video: Revolut Your Way In (Transfers)

Revolut Your Way In (Transfers)

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.

Swift action

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.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 27.5 Free Sweepstakes Coins + 57.500 Gold Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
Up to 27.5 Free Sweepstakes Coins + 57.500 Gold Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 55,000 Lucky Coins and 34 Sweeps Coins with first purchase
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75 million WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site