Digital neobank Revolut is suspending its cryptocurrency-related services within the US in response to the prevailing ambiguities and complex regulatory environment around the industry there.
The suspension will be implemented starting Sept. 2, after which US customers won’t be able to execute purchase orders for cryptocurrencies on the platform.
From Oct. 3, things will tighten up even more as US customers won’t be able to buy, sell or hold any crypto.
“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the US,” a spokesperson told Blockworks on Friday.
“This decision has not been taken lightly, and we understand the disappointment this may cause,” they added.
The suspension is only applicable to Revolut users in the US. Customers in other markets can still sign up and use its crypto services without changes.
Revolut has said that pertinent information regarding the suspension of crypto services in the US will be communicated directly to the affected customers.
Leading crypto firms are encountering regulatory challenges in the US. Both Binance and Coinbase have found themselves embroiled in legal disputes with the Securities and Exchange Commission over accusations of offering unregistered securities.
Coinbase has argued that the SEC lacks the authority to “retroactively” oversee digital asset exchanges and has accused the regulatory body of overstepping its jurisdiction in its attempt to assert control over the regulation of the industry.
In July, Revolut told its US customers that it would delist Cardano’s ADA, Polygon’s MATIC and Solana’s SOL tokens from its platform. This decision was also prompted by the evolving legal landscape and regulatory adjustments around cryptocurrencies in the US.
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