Revolut to pause UK crypto purchases amid regulatory crackdown

Revolut is pausing cryptocurrency purchases for UK business customers from January 3rd, 2023, as it ensures compliance with new UK advertising rules.

Revolut is pausing some of its crypto services for UK business customers from January 3rd, amid a regulatory crackdown on advertising cryptocurrencies in the UK. The pause means Revolut’s UK business users will be unable to buy crypto through Revolut for a period of time, although they can still hold or sell crypto.

Earlier this year, the UK finance regulator, the FCA, outlined new curbs on crypto advertising, including risk warnings and a 24-hour cooling-off period. Revolut says its retail users will be unaffected and it is working to lift the pause once its crypto offering complies with the new rules.

Read More News:
Gold prices inch higher amid softer dollar

Revolut told customers “you don’t need to do anything, unless you want to make alternative crypto arrangements”.

The pause echoes a similar move by PayPal as crypto firms react to tighter UK regulation.