Fintech giant Revolut is suspending cryptocurrency services in the US due to the evolving regulatory landscape.
American customers will not be able to buy crypto through the Revolut app starting September 2. The ability to sell and hold crypto will be disabled from October 3.
In a statement, the company explained, “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 US.”
This decision affects less than one percent of Revolut’s global crypto customer base. Based in the UK, Revolut introduced the option to buy, sell, and hold cryptocurrencies in the US in 2020. However, over the past year, regulatory challenges have increased following the collapse of FTX, with platforms like Binance and Coinbase also facing scrutiny from the SEC.