Revolut has temporarily suspended the ability to purchase cryptocurrencies for business customers in the UK.
The suspension will come into effect on January 3, ahead of new rules from the Financial Conduct Authority coming into force on January 8, according to an email seen by Blockworks. Other Revolut customers will not be affected by the suspension.
The FCA has introduced requirements for investing in crypto assets, and Revolut says that “the requirements aim to enhance the customer journey and provide additional protection for new and existing investors in crypto assets.” Ta.
“This suspension does not affect your ability to hold or sell cryptocurrencies through Revolut Business, nor does it affect any other tools or features we use,” it said in an email. is listed.
The company said it will continue to provide updates to business customers once the suspension is lifted.
Revolt declined to comment on the suspension.
The FCA began rolling out cryptocurrency regulation earlier this year, prompting other companies to hit the pause button on offering services and accepting users. Binance's partners were banned from approving crypto advertising by the FCA in October, prompting the exchange to suspend accepting new users in the UK.
In October, the FCA introduced rules to improve both clarity and precision in the marketing of crypto products. However, the authorities extended the introduction of “features that require further technological development” to some companies.
The extension means companies can introduce features such as cooling-off periods, allowing consumers to consider investment decisions for a period of time without penalty.
“From October this year, crypto companies will have to market clearly, fairly and honestly to UK consumers. And they will need to provide risk warnings that people understand,” said Lucy, Director of Consumer Investments.・Castledine said in a statement earlier this year.
The FCA has issued multiple warnings to companies that do not comply with the new rules, demonstrating a determined commitment to improving the way crypto companies target users.
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