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- Fewer than one percent of Revolut’s cryptocurrency clients will be impacted, according to the company.
- Regulatory oversight of cryptocurrencies has significantly intensified in the U.S.
Revolut has made the decision to halt cryptocurrency trading services for users in the United States starting September 2023, citing regulatory uncertainties in the country. On Friday, August 4th, a representative from Revolut announced that as of September 2nd, the platform will no longer allow customers in the U.S. to buy cryptocurrencies through its application.
The spokesperson stated:
“Due to the changing regulatory landscape and the uncertainties surrounding the crypto market in the U.S., we’ve made the challenging decision, in conjunction with our U.S. banking partner, to suspend cryptocurrency access via Revolut in the U.S. This choice has not been made lightly, and we recognize the disappointment this may bring.”
Heightened Regulatory Oversight
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Fewer than one percent of Revolut’s cryptocurrency clients will be impacted, the firm indicated. The London-based fintech has mentioned that it is investigating various options to provide access to crypto products and is contemplating expanding its services to the United States in the foreseeable future.
In the United States, regulatory scrutiny of cryptocurrencies has escalated significantly over recent months. Agencies such as the U.S. SEC and the CFTC have initiated multiple cases against crypto firms accused of violating regulations following a year marked by significant scandals and bankruptcies.
Moreover, U.S. banking regulators have issued a caution to traditional financial institutions regarding the risks associated with engaging in the cryptocurrency sector.
After the SEC classified certain cryptocurrencies as unregistered securities earlier this year, Revolut temporarily halted trading in specific currencies within the United States. Nevertheless, it is considering operations in regions where cryptocurrencies are permitted.
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