Revolut Crypto Services

Revolut is reportedly set to temporarily suspend cryptocurrency services for some business customers in the UK.

This decision is a response to the Financial Conduct Authority (FCA) announcement of new rules for crypto assets, which will be implemented in the new year.

Revolut will stop Crypto services to adapt to new regulations

According to a recent report, as of January 3, 2024, UK customers using Revolut Business will no longer be able to purchase crypto through the platform.

Despite the temporary ban, trading customers can still hold and sell their crypto holdings. However, these adjustments will not affect Revolut's retail customers.

Revolt emphasized that the temporary suspension is intended to give the company enough time to adapt its service. In addition, to comply with the FCA's new requirements. The FCA's new crypto requirements were released in October.

The standards mandate that companies offering crypto services exercise caution in promoting the asset class to clients. Additionally, on November 3, BeInCrypto reported that the FCA issued 32-page guidance to help companies comply with the new crypto promotion rules.

FCA gives amnesty to Crypto Firms to comply

However, among the key regulatory changes is the introduction of a 24 hour “cooling off period”. Additionally, a ban on incentives such as “refer a friend” bonuses.

Read more: How to buy Bitcoin with Revolut: A step-by-step guide

Meanwhile, the FCA has set a deadline of 8 January 2024 for registered crypto companies to fully comply. In addition, this allows companies a transition period to implement important features that require further technical development.

As the financial landscape continues to evolve, Revolut's response to regulatory changes highlights the dynamic nature of the crypto market and the importance of ensuring compliance to protect investors' interests.

Read more: Crypto Regulation: What are the Pros and Cons?