Revolut, a fintech company known for its crypto-friendly approach, has announced its decision to discontinue cryptocurrency services for users in the United States. The firm cited the complex regulatory landscape in the country as the reason for this move.
In an email sent to its U.S. customers, Revolut announced that starting September 2, 2023, it will no longer accept buy orders for cryptocurrencies. However, users will have until October 2 to place sell orders before the platform completely shuts down cryptocurrency activities. After October 2, users will no longer have the option to buy, sell, or hold any cryptocurrencies using Revolut.
The crypto company further stated that any users with remaining crypto holdings beyond October 2 will have their balances liquidated on October 3. Revolut will compensate these affected users based on the market price for each token at that time.
A Revolut representative stated:
“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we’ve taken the difficult decision, together with our U.S. banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.”
According to the Revolut representative, the company’s exit from the U.S. market will only affect a small portion, approximately “1%,” of its worldwide crypto clientele. All other Revolut customers in other regions can still continue to utilize the platform’s crypto services without any disruption. Additionally, the representative reassured that Revolut will maintain its non-crypto operations in the United States.
This recent decision comes on the heels of Revolut’s announcement in July 2023 regarding the delisting of three cryptocurrencies – Polygon (MATIC), Solana (SOL), and Cardano (ADA) – in the U.S. due to their classification as unregistered securities by the U.S. Securities and Exchange Commission. As a result, Revolut asked its U.S. users holding these three tokens to liquidate their positions before September 18.
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Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.
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