Revolut to Exit US Crypto Market Amid Regulatory Challenges
Revolut to Exit US Crypto Market Amid Regulatory Challenges
Revolut, a London-based fintech firm, has made the decision to close down its cryptocurrency operations in the United States due to uncertainties in the regulatory environment.
Simultaneously, the British company is actively exploring alternative ways to offer crypto services to its American users, with plans to reintroduce its business down the line.
Starting from September 2, US participants will no longer have the option to place new buy orders for digital assets on Revolut's platform, Decrypt reported.
This initial suspension will be followed by a more comprehensive restriction on October 3, which will remove complete access to all crypto activities, including buying, selling, and holding.
According to Cointelegraph, Revolut’s exit is a collaborative decision made in conjunction with its US banking partner, citing that it will only affect about 1.00% of its global crypto customers.
Revolut's recent move to halt its American crypto services aligns with a broader trend of increased regulatory scrutiny in the global crypto landscape.
This trend has been amplified by actions taken by the US Securities and Exchange Commission (SEC) against prominent exchanges like Coinbase and Binance, prompting companies to reevaluate their approaches.
Earlier, Revolut delisted Cardano (ADA), Polygon (MATIC), and Solana (SOL) tokens on its platform following the SEC's stance of these tokens as securities.
Nevertheless, this decision solely impacts Revolut's US operations as the company's crypto services remain active in other areas, particularly in Europe. In February, Revolut introduced a staking program that enables customers in various EU states to earn crypto rewards.
Revolut's ability to thrive in diverse regulatory environments while offering innovative services highlights its determination to remain a key player in the space, setting an example for how businesses can work with regulatory compliance.
