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Cryptogambling / Revolut temporarily halts crypto trading for UK customers

Revolut temporarily halts crypto trading for UK customers

Publish Date: 19/12/2023
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Global neobank and financial technology company Revolut will temporarily halt cryptocurrency trading on its business platform in the United Kingdom starting early next year.

The company deems the adjustment period necessary to allow more time to comply with the new Financial Conduct Authority (FCA) rules on promoting crypto, which will come into effect on January 8, 2024.

Although Revolut has not issued a public statement, the company has confirmed the authenticity of the information circulated through an email notifying customers of the decision. The email said that Revolut Business would halt crypto purchases on January 3; however, the company did not mention that holding and selling crypto

β€œThese requirements aim to enhance the customer journey and provide additional protection for new and existing investors in crypto assets,” the email reads.β€œAs a result, we’ll need to adjust our current business crypto offering to make sure all of the new requirements are met.”

The decision was met with concerns from the crypto community, including crypto analyst and Renewablox’s chief operating officer Jason Deane. “It looks like @RevolutApp is the latest bank to’suspend’ crypto services here in the UK due to the @TheFCA’s latest regulations,” he said in his X account.

“As history tells us, this has the exact opposite effect & simply moves people further away from the financial system,”

Jason Deane, Renewablox COO.

Revolut, headquartered in London and serving around 25 million customers worldwide, offers various crypto services, including trading and staking in multiple jurisdictions. Primarily offering its service in Europe, the neobank valued at $33 billion, had only recently obtained registration from the FCA to offer crypto services in the U.K.

β€œThis too shall pass,” said Deane. β€œAs with mobile use, adoption cannot be stopped.”

Impact of FCA rules

The impact of FCA rules is evident as Revolut becomes the latest in a series of firms affected by the regulatory changes. Announced in June, these rules aim to introduce measures to increase investor protection in the crypto market.

Notable changes include the introduction of a 24-hour cooling-off period for new crypto investments and a prohibition on promotional incentives such as ‘refer a friend’ bonuses.

The January 8 deadline for compliance, which Revolut is trying to meet, is an extension from the previous deadline of October 8. The extension was granted due to anticipated challenges with adherence to the regulations.

In September, the FCA observed low engagement from many crypto firms, recording over 200 breaches of the rules by October 25 and providing additional guidance in November.

The impact of these rules is not exclusive to Revolut, as other firms experienced changes in their operations in the UK. market in response to the regulations. Crypto trading platform Bybit is leaving the UK market, while Solana-staking platform Marinade Finance has begun to block UK-based users.

Meanwhile, online exchange Binance stopped onboarding customers in the country in October after the firm’s compliance partner, lending platform rebuildingsociety.com Ltd., was restricted from approving cryptoasset financial promotions.

Revolut in U.S.

Beyond the UK, Revolut’s global services have also faced regulatory challenges, with the neobank closing its U.S. crypto platform in August.

Citing an uncertain regulatory environment, Revolut spokespersons said in an email to Coindesk in August that the company made a “difficult decision” to switch operations due to “uncertainties around the crypto market” in the U.S.

The U.S. Securities and Exchange Commission is carefully inspecting different crypto companies. This includes Coinbase, Binance and individual tokens like Solana’s SOL, Cardano’s ADA and Polygon’s MATIC.

Although Revolut expressed hopes of returning to the U.S. market, the company has yet to provide further updates.

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