Challenger bank Revolut will halt access to cryptocurrencies for US customers starting October 3, citing regulatory uncertainties and the evolving crypto market.
Facts
- Challenger bank Revolut is suspending cryptocurrency services for US customers from October 3.
- Starting September 2, 2023, Revolut’s US customers won’t be able to place crypto buy orders, with full access being disabled by October 3.
- The decision is attributed to the “evolving regulatory environment” and “uncertainties around the crypto market” in the US, as per a spokesperson for the bank.
- After October 3, 2023, US customers won’t be able to buy, sell, or hold any cryptocurrencies through Revolut.
- This decision impacts less than 1% of Revolut’s global crypto customers and doesn’t affect users outside the US.
- Revolut entered the US digital banking market in March 2020, offering features similar to those in its UK home market.
- The suspension aligns with increased tension between cryptocurrency and US financial regulators, following recent SEC charges against Coinbase and Binance.
