1. BITBILIHome
  2. Article

Revolut ends crypto trading services for US users amid regulatory uncertainty

• 34 views

TL;DR Breakdown

  • British banking app Revolut Ltd. will cease offering cryptocurrency trading services to US customers starting September 2, 2023, with all access to crypto holdings disabled by October 3.
  • The change will affect less than 1% of Revolut’s global crypto customer base.
  • Despite suspending crypto services, Revolut will continue its non-crypto business operations in the United States and has promised to support its customers through the transition.

Description

British digital banking app, Revolut Ltd., has disclosed its plans to cease providing cryptocurrency trading services to its customers residing in the United States. This change in operation is scheduled to take effect from September 2, 2023, with the full suspension of access to crypto holdings anticipated to be implemented a month later. According to … Read more

British digital banking app, Revolut Ltd., has disclosed its plans to cease providing cryptocurrency trading services to its customers residing in the United States. This change in operation is scheduled to take effect from September 2, 2023, with the full suspension of access to crypto holdings anticipated to be implemented a month later. According to Revolut, the decision is driven by the current regulatory ambiguities and market uncertainties that pervade the US crypto market.

This London-based fintech firm has been collaborating with Metropolitan Commercial Bank as its banking partner in the United States. This announcement comes amidst a broader regulatory crackdown on cryptocurrencies in the United States. Notably, the company stressed that this decision impacts less than 1% of Revolut’s global crypto customers.

A reaction to regulatory shifts

In recent months, the US regulatory landscape has been characterized by an uptick in legal actions initiated by regulatory bodies, such as the US Securities and Exchange Commission and the Commodity Futures Trading Commission. These agencies have taken legal actions against crypto firms, alleging rule violations, while banking regulators have cautioned traditional finance institutions about the inherent risks of engaging with the crypto sector.

Consequently, Revolut had already withdrawn several cryptocurrencies from trading within the United States, including Cardano (ADA), Polygon (MATIC), and Solana (SOL). The decision was prompted by the SEC’s classification of these digital assets as unregistered securities. Nevertheless, Revolut plans to continue its non-crypto business operations within the United States.

Meanwhile, Bakkt Holdings Inc.’s Apex Crypto unit, as disclosed on Revolut’s website, provides the company’s cryptocurrency services.

Revolut’s next steps

The company has described departure from the US crypto market as difficult. In a statement, Revolut expressed understanding of the potential disappointment this might cause their customers. To ease the transition, the company has promised to communicate all necessary information to its US-based crypto customers through email. Furthermore, Revolut has pledged the continued availability of its dedicated support team to address any arising concerns and questions via its in-app chat.

While the company has confirmed the termination of its cryptocurrency services for US customers, Revolut has reiterated its commitment to continue its non-crypto business in the country. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Revolut ends crypto trading services for US users amid regulatory uncertainty

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月5日 01:17
Next 2023年8月5日 04:07

Related articles

  • Spot Bitcoin ETF may not stir crypto markets, says JP Morgan

    TL;DR Breakdown JPMorgan analysts argue that approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) won’t significantly change the crypto market landscape. Despite optimism around potential approval following recent filings by BlackRock, Invesco, and Wisdom Tree, spot Bitcoin ETFs have seen limited investor interest abroad in Canada and Europe, which could continue in the U.S. The introduction of spot Bitcoin ETFs could, however, cause a shift in trading activity and liquidity away from Bitcoin futures markets towards spot Bitcoin markets. Description Despite the buzz around a possible U.S. Securities and Exchange Commission (SEC) approval of a spot bitcoin exchange-traded fund (ETF), banking giant JPMorgan has doused the high spirits, expressing doubt in a recent research report on the game-changing potential of such a move. Limited influence despite renewed optimism While anticipation grows with asset managers like … Read more Despite the buzz around a possible U.S. Securities and Exchange Commission (SEC) approval of a spot bitcoin exchange-traded fund (ETF), banking giant JPMorgan has doused the high spirits, expressing doubt in a recent research report on…

    Article 2023年7月9日

  • Debt rankings show U.S. and Singapore on top

    TL;DR Breakdown Singapore and the U.S. lead the world in sovereign debt per capita, according to U.N. data. Every American bears a governmental debt burden that is ten times higher than that of a Chinese citizen. Other nations with high sovereign debt per capita include Japan, Canada, Belgium, and several European countries. Description Headlines in the world of finance and economics have been dominated by the latest data on sovereign debt per capita across the globe. Notably, the United States and Singapore have taken the helm in a race no country aspires to lead. This startling revelation comes following a comprehensive examination of United Nations’ data, which underscored … Read more Headlines in the world of finance and economics have been dominated by the latest data on sovereign debt per capita across the globe. Notably, the United States and Singapore have taken the helm in a race no country aspires to lead. This startling revelation comes following a comprehensive examination of United Nations’ data, which underscored that the governmental debt burden borne by every American is staggeringly tenfold compared to…

    Article 2023年7月24日

  • PayPal launches a cryptocurrencies hub feature

    Description In the ever-evolving world of cryptocurrencies, a titan emerges with yet another bold move. PayPal, known for its disruptive and innovative strategies, reveals its latest card in the game – the “Cryptocurrencies Hub.” Now, if you’ve been keeping an eye on the digital wallet giant’s movements, you’d know that their dive into the crypto world … Read more In the ever-evolving world of cryptocurrencies, a titan emerges with yet another bold move. PayPal, known for its disruptive and innovative strategies, reveals its latest card in the game – the “Cryptocurrencies Hub.” Now, if you’ve been keeping an eye on the digital wallet giant’s movements, you’d know that their dive into the crypto world isn’t new. However, this latest play is bound to stir up some waters in the industry. Cryptocurrencies Hub: A Leap or a Stumble for PayPal? In a time when every other tech firm seems to be throwing their hat into the crypto ring, PayPal’s Cryptocurrencies Hub offers its users an integrated experience. From Bitcoin to the recently launched stablecoin PayPal USD (PYUSD), users can now do…

    Article 2023年8月14日

  • Yellen: It’s time for U.S. growth to hit the brakes

    TL;DR Breakdown Treasury Secretary Janet Yellen emphasizes slowing U.S. economic growth to align with its potential rate. The U.S. is currently operating at full employment, risking overheating if growth continues unchecked. Yellen acknowledges that while labor demand is softening, it’s helping reduce core inflation. Description Amidst the bustling agenda of climate events in the political heartland, Treasury Secretary Janet Yellen struck a distinct chord on the U.S. economy’s pace. As whispers of inflation and employment figures made rounds, Yellen candidly shed light on the U.S.’s hyperactive growth, signaling it’s time for moderation. Balancing Growth With Potential The growth figures for … Read more Amidst the bustling agenda of climate events in the political heartland, Treasury Secretary Janet Yellen struck a distinct chord on the U.S. economy’s pace. As whispers of inflation and employment figures made rounds, Yellen candidly shed light on the U.S.’s hyperactive growth, signaling it’s time for moderation. Balancing Growth With Potential The growth figures for the U.S. are akin to a sprinter trying to maintain a marathon’s pace—bound to burn out if unchecked. While thriving economies often…

    Article 2023年9月20日

  • Congressman Torres takes aim at SEC’s crypto oversight, calls for investigation

    TL;DR Breakdown New York’s Congressman Ritchie Torres has called for an investigation into the SEC for its “haphazard and heavy-handed approach to digital assets.” Torress calls into question the politics behind the registration process approval for Prometheum, a special-purpose broker-dealer license. The Congressman asks SEC Inspector General Deborah Jeffrey to look into the  “unusual backroom deal” that resulted in Prometheum being awarded a power that no other crypto exchange has yet obtained.  6 Republican senators sent a letter to the DoJ and the SEC, asking the agencies to look into Prometheum’s alleged ties with China. Description According to two letters made public on Thursday, Congressman Ritchie Torres has asked for two separate independent investigations into the United States Securities and Exchange Commission (SEC) for its “haphazard and heavy-handed approach to digital assets.” The representative accuses Gensler of “politicizing” the registration process by approving Prometheum’s special purpose broker-dealer license. New York Congressman … Read more According to two letters made public on Thursday, Congressman Ritchie Torres has asked for two separate independent investigations into the United States Securities and Exchange Commission…

    Article 2023年7月14日
TOP