Revolut has suspended certain crypto services for business users as it adjusts to new regulations regarding financial promotions.
Since October 8, 2023, businesses promoting cryptoassets in the UK are required to be authorized or registered with the FCA, or have their marketing approved by an authorized firm. The FCA mandates that promotions must be clear, fair, and not misleading. Additionally, they must include prominent risk warnings and cannot unduly incentivize investment.
In a communication to customers, Revolut announced that it will halt cryptocurrency purchases for UK businesses starting January 3. However, customers will still be able to hold or sell cryptocurrencies from their existing balances.
“We’ll keep you informed when we lift this pause on buying crypto,” Revolut stated. “Our team is working hard to ensure we’re in line with upcoming regulations and can provide the best customer experience.”
Revolut is not the only company facing challenges in meeting these new requirements; on the first day the new rules took effect, the FCA issued 146 alerts regarding crypto asset promotions. Since then, the FCA has provided additional guidance to assist crypto firms in fulfilling their compliance obligations. This guidance also outlines how authorized firms should apply the Consumer Duty to their marketing efforts.