Revolut halts crypto services in the US citing “evolving regulatory environment”
Challenger bank Revolut has announced that it is to suspend access to cryptocurrencies for US customers from 3 October.
Revolut suspends crypto operations in the US
From 2 September 2023, Revolut’s US customers will no longer be able to place buy orders for crypto with the bank, with access due to be fully disabled a month later.
A spokesperson for the bank told FinTech Futures that the withdrawal of its crypto services in the US was the result of “the evolving regulatory environment” and “uncertainties around the crypto market” in the country.
“From 3 October 2023, access to cryptocurrencies through Revolut will be fully disabled and US customers will no longer be able to buy, sell, or hold any cryptocurrencies,” the spokesperson says.
“This decision has not been taken lightly, and we understand the disappointment this may cause. This suspension does not affect Revolut users outside of the US in any way, and impacts less than 1% of Revolut’s crypto customers globally.”
Revolut first entered the US’ digital banking space in March 2020 with many of the familiar features it had already brought to its home market of the UK.
Its decision to now suspend its crypto operations in the US comes as the relationship between cryptocurrency and US financial regulators becomes increasingly strenuous.
It was only two months ago that the US Securities and Exchange Commission (SEC) brought charges against industry heavyweights Coinbase and Binance amid an apparent crackdown on crypto.
