Revolut will temporarily halt certain cryptocurrency
services for its business customers in the UK in response to upcoming regulatory
changes by the Financial Conduct Authority (FCA).
According to a report by City A.M., the fintech firm disclosed its decision to suspend the ability to purchase cryptocurrencies via
Revolut Business starting January 3, 2024, aligning with the FCA’s new
guidelines on crypto assets.
Recently, the FCA
signaled imminent guidelines, compelling Revolut to pause the purchasing option
for cryptocurrencies through Revolut Business from January 3, 2024. While this
pause affects buying, business customers retain the ability to hold and sell
crypto, with no impact on Revolut’s Retail customers.
The FCA’s impending regulations involve provisions
aimed at protecting investors in the volatile digital asset space. Central to
these rules is the introduction of a mandatory 24-hour “cooling off
period” for investors engaging in crypto transactions.
Additionally, incentives like “refer a
friend” bonuses will face a ban. This step seeks to mitigate potential
speculative behavior in the market. Scheduled to be enforced for registered
crypto firms from January 8, 2024, the FCA has granted a transition period for
companies to integrate these features, allowing for necessary adjustments.
Expect ongoing updates as this story evolves…
Revolut will temporarily halt certain cryptocurrency
services for its business customers in the UK in response to upcoming regulatory
changes by the Financial Conduct Authority (FCA).
According to a report by City A.M., the fintech firm disclosed its decision to suspend the ability to purchase cryptocurrencies via
Revolut Business starting January 3, 2024, aligning with the FCA’s new
guidelines on crypto assets.
Recently, the FCA
signaled imminent guidelines, compelling Revolut to pause the purchasing option
for cryptocurrencies through Revolut Business from January 3, 2024. While this
pause affects buying, business customers retain the ability to hold and sell
crypto, with no impact on Revolut’s Retail customers.
The FCA’s impending regulations involve provisions
aimed at protecting investors in the volatile digital asset space. Central to
these rules is the introduction of a mandatory 24-hour “cooling off
period” for investors engaging in crypto transactions.
Additionally, incentives like “refer a
friend” bonuses will face a ban. This step seeks to mitigate potential
speculative behavior in the market. Scheduled to be enforced for registered
crypto firms from January 8, 2024, the FCA has granted a transition period for
companies to integrate these features, allowing for necessary adjustments.
Expect ongoing updates as this story evolves…
