1. BITBILIHome
  2. Article

Revolut ends crypto trading services for US users amid regulatory uncertainty

• 55 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Consequently, Revolut had already withdrawn several cryptocurrencies from trading within the United States, including Cardano (ADA), Polygon (MATIC), and Solana (SOL).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

  • Economist warns of BRICS currency upheaval – Why?

    TL;DR Breakdown Economist Jim Rickards predicts the introduction of a new BRICS currency that may destabilize the U.S. dollar’s global dominance. Eight nations have formally applied to join the bloc, and 17 others are interested, further strengthening the bloc’s influence. Celebrated economist Jim Rickards, famed for his best-selling book “Currency Wars,” forecasts a potential upheaval in the global economic order. According to Rickards, this shake-up centers around the BRICS nations – Brazil, Russia, India, China, and South Africa – as they could be on the precipice of introducing a novel currency that could potentially destabilize the U.S. dollar’s long-held supremacy. BRICS’ bold bid to upset the dollar dominance Rickards anticipates an upcoming announcement at the BRICS leaders’ summit in August, which could unveil an audacious plan – the launch of a unique currency. This new monetary initiative has the potential to degrade the U.S. dollar’s dominance in global payments and reserves, possibly succeeding in just a few years. This remarkable development, however, isn’t a spur-of-the-moment decision but a strategic move fostered over time by several nations seeking inclusion in the…

    Article 2023年6月14日

  • FBI report reveals rise of deceptive beta-testing scams targeting crypto investors

    TL;DR Breakdown FBI warns of malicious actors exploiting crypto enthusiasts through deceptive beta-testing scams. Fraudsters pose as legitimate investment platforms, and trick victims into downloading fake apps to steal funds. Rising reports of cryptocurrency holders falling victim to malware disguised as “play-to-earn” games. Description The U.S. Federal Bureau of Investigation (FBI) issued a cautionary report on August 15th, shedding light on a concerning trend where malicious actors exploit cryptocurrency enthusiasts through deceptive beta-testing schemes. The report highlighted how these fraudsters masquerade as legitimate cryptocurrency investment platforms, siphoning money from unsuspecting victims. The FBI’s investigation underscored a disturbing pattern – … Read more The U.S. Federal Bureau of Investigation (FBI) issued a cautionary report on August 15th, shedding light on a concerning trend where malicious actors exploit cryptocurrency enthusiasts through deceptive beta-testing schemes. The report highlighted how these fraudsters masquerade as legitimate cryptocurrency investment platforms, siphoning money from unsuspecting victims. The FBI’s investigation underscored a disturbing pattern – these culprits often initiate contact with individuals via dating and social media applications. Their strategy involves luring victims into downloading seemingly authentic beta-testing…

    Article 2023年8月16日

  • Dogecoin price goes on a wild ride after Elon Musk’s cryptic tweet

    TL;DR Breakdown Dogecoin (DOGE) experienced a sudden and dramatic price surge of 3% within a span of just one minute.  Remarkably, a mere three hours after Musk’s tweet, the price of Dogecoin plummeted by over 5% at one point, completely erasing the earlier gains and leaving the token a few percentage points lower than before. Description In a surprising turn of events, Dogecoin (DOGE) experienced a sudden and dramatic price surge of 3% within a span of just one minute. The catalyst behind this rapid rise was none other than Elon Musk, the charismatic billionaire and prominent figure behind companies like Tesla, SpaceX, and Twitter. Known for his playful interactions with … Read more In a surprising turn of events, Dogecoin (DOGE) experienced a sudden and dramatic price surge of 3% within a span of just one minute. The catalyst behind this rapid rise was none other than Elon Musk, the charismatic billionaire and prominent figure behind companies like Tesla, SpaceX, and Twitter. Known for his playful interactions with the crypto community, Musk responded to a question on Twitter about…

    Article 2023年7月18日

  • SWIFT’s CBDC test: Central banks join the fray

    TL;DR Breakdown Three more central banks have joined SWIFT’s digital currency (CBDC) project. Initial testing began in March with 18 financial giants, and over 5,000 transactions were conducted in 12 weeks. SWIFT’s engagement with CBDCs showcases its attempt to innovate amidst potential competition. Description The ever-evolving world of banking has been stirred once more. Three more central banks, in a move symbolizing adaptation to our digital age, have jumped aboard SWIFT’s digital currency project. Notably, this interbank messaging platform, which has long been the spine of the global banking network, is now steering into the uncharted waters of Central … Read more The ever-evolving world of banking has been stirred once more. Three more central banks, in a move symbolizing adaptation to our digital age, have jumped aboard SWIFT’s digital currency project. Notably, this interbank messaging platform, which has long been the spine of the global banking network, is now steering into the uncharted waters of Central Bank Digital Currencies (CBDCs). Central Banks Dive into the Sandbox The Hong Kong Monetary Authority, Kazakhstan’s apex bank, and another secretive central entity…

    Article 2023年9月14日

  • Binance’s largest market in China despite crypto ban, monthly volume hit $90B

    TL;DR Breakdown Binance’s biggest market continues to be China despite the crypto ban. The crypto exchange witnessed over $90 billion in trading volume from China in May 2023, based on information obtained from internal documents. Description Binance users engaged in cryptocurrency-related asset trading amounting to $90 billion in May 2023 within China despite cryptocurrency trading being deemed illegal in the country since 2021, a report by the Wall Street Journal reveals. Remarkably, these transactions established China as Binance‘s largest market, contributing 20 percent of the total global trading volume, excluding trades … Read more Binance users engaged in cryptocurrency-related asset trading amounting to $90 billion in May 2023 within China despite cryptocurrency trading being deemed illegal in the country since 2021, a report by the Wall Street Journal reveals. Remarkably, these transactions established China as Binance‘s largest market, contributing 20 percent of the total global trading volume, excluding trades conducted by a specific group of major traders. Binance has ties to China Binance’s connection with China has been intricate. Its founder, Changpeng Zhao, who is of Chinese origin but grew…

    Article 2023年8月2日
TOP