Revolut is set to Shut Down Crypto Services in the US
- Revolut is ending crypto services for customers in the United States, possibly due to regulatory concerns.
- A spokesperson said that the decision will only impact just 1% of the firm’s total consumer base.
- The delisting of digital assets will begin on September 2, while total support for crypto will end on October 3.
- Customers in the US will be provided with additional details in an email confirmation that will be sent soon.
Prominent payments firm Revolut has decided to call it quits on the crypto industry in the United States. The London, United Kingdom-based company has decided to end its crypto services in the US due to regulatory uncertainty in the country and the lack of a legal framework surrounding digital assets. However, the crypto-friendly neobank will offer services to other regions.
Revolut recently decided to delist certain cryptocurrencies from its platform following the action taken by the United States Securities and Exchange Commission (SEC) against crypto exchanges Binance, Coinbase, and Kraken. However, it has not confirmed that it will delist all the cryptocurrencies from its platform and end support for digital assets in the US.
Moreover, in collaboration with its banking partner, Revolut is set to end support for cryptocurrencies for all customers in the United States starting September 2. A complete shutdown of crypto services will be witnessed following October 3, confirmed a spokesperson for the online banking platform in a statement given to CoinTelegraph.
“The access to cryptocurrencies through Revolut will be fully disabled, and US customers will no longer be able to buy, sell, or hold any cryptocurrencies,” said the spokesperson.
The spokesperson also added that “this decision has not been taken lightly, and we understand the disappointment this may cause.” Moreover, the decision to end support for digital assets will impact just around 1% of the company’s global crypto customers, a Revolut spokesperson affirmed.
Non-crypto businesses will remain operational as it used to. Meanwhile, customers in the US will be provided with additional details in an email confirmation that will be sent soon. “Our dedicated support team is available to address any concerns and questions our U.S. crypto customers may have via our in-app chat,” the statement added.
As reported earlier by BitcoinWisdom, crypto firms are ending operations in the US due to unclear regulations. Recently, crypto exchange Bittrex confirmed ending its operations in the United States, citing unclear and unfair regulatory standards as the reason for the decision.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
