Revolut Stops Supporting Crypto In The US From September 2 Due To Harsh Regulations

Key Points:

• Revolut halts U.S. cryptocurrency services due to regulatory changes.
• The suspension starts on September 2, full ban from October 3.
• Revolut responds to evolving U.S. crypto regulations and delists ADA, MATIC, and SOL.

According to Decrypt, British digital bank Revolut has declared the suspension of its cryptocurrency services in the United States due to regulatory shifts and uncertainties within the U.S. crypto market.

Effective September 2, 2023, U.S. customers will no longer be able to place cryptocurrency orders on the platform. The delisting process will conclude by September 18, followed by more extensive restrictions beginning October 3, 2023.

This subsequent stage will enforce a complete ban on U.S. customers accessing cryptocurrencies via Revolut.

It’s important to note that this decision doesn’t impact Revolut’s operations outside of the United States. All U.S. crypto customers were notified of this decision through emails from Revolut.

The move reflects the company’s response to the regulatory environment, particularly the stance of the U.S. Securities and Exchange Commission (SEC), which has categorized many cryptocurrencies as securities, subjecting them to investor protection rules.

The SEC has intensified its stance, asserting that a significant portion of cryptocurrencies are to be treated as securities, thus making them subject to investor protection regulations.

This regulatory push reached a turning point in early June when the SEC took legal action against major crypto exchanges Coinbase and Binance.

The regulatory body accused them of neglecting to register multiple cryptocurrencies as securities. It’s noteworthy that both exchanges have refuted these allegations.

Revolut’s quick response included the removal of Cardano (ADA), Solana (SOL), and Polygon (MATIC) after the SEC’s classification of these tokens as securities. The company’s actions are aligned with broader industry discussions and actions in response to evolving regulatory pressures.

While Revolut’s cryptocurrency services suspension applies solely to the U.S. market, the decision underscores the intricate challenges faced by companies navigating the evolving regulatory landscape of the cryptocurrency sector.

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