Revolut will suspend trading for UK business customers: report
Quick Take UK business clients of Revolut will be able to hold or sell crypto, but not buy new digital assets. Revolut halted service in the U.S. earlier this year amid regulatory uncertainty.
Come the new year, fintech firm Revolut will stop allowing UK business clients to buy crypto using its platform, according to a report in City A.M.
While Revolut's UK business customers will be able to hold or sell crypto, they will not be able to purchase more, City A.M. reported, citing an email the outlet had seen.
Revolut is "suspending the services to give it more time to adjust to new requirements set by the Financial Conduct Authority in October," City A.M. cited the email as saying. Retail customers will be unaffected, while business customers lose their ability to buy crypto as of Jan. 3, according to the report.
"These requirements aim to enhance the customer journey and provide additional protection for new and existing investors of crypto assets,” Revolut said in the email. "As a result, we’ll need to adjust our current Business crypto offering to make sure all of the new requirements are met."
Halted and limited service
In August, Revolut halted crypto services in the U.S. amid what the company said was a challenging regulatory environment in the country.
As in the U.S., crypto firms continue to try and find the best way to navigate the UK market as the government attempts to balance facilitating innovation while also protecting users with new rules. In November, PayPal UK successfully registered with the FCA so it could offer some crypto asset activities within the country.
Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.
