PayPal will close access to purchase crypto in the UK

The payment system PayPal has informed its UK clients that the cryptocurrency purchase feature will be suspended due to new rules from the UK's Financial Conduct Authority (FCA).
PayPal users will not be able to purchase cryptocurrency starting October 1, 2023, when the new FCA rules come into effect.
At the same time, the payment system said it expects to resume the cryptocurrency purchase feature in early 2024 after complying with all the new requirements.
The company attributed its actions to the fact that one of its key principles is to strictly comply with the requirements and regulations of the markets in which it operates.
Despite the suspension of the cryptocurrency purchase feature, PayPal said that users can store and sell their cryptocurrency during this period. Also, the company added that all client assets are completely safe and there are no storage fees.
As a reminder, PayPal is preparing to launch the PYUSD stablecoin, which will be 100% backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. PYUSD will be issued by Paxos Trust Company.
Read also: PayPal unveiled the company's new chief executive.