Digital bank Revolut has said it plans to suspend some of its crypto services from its U.K. business clients following tough new rules from the country's regulator, City A.M. reported Monday, citing an email it had seen.
The bank – which registered with the main digital asset regulator in the U.K., the Financial Conduct Authority, so it could offer crypto services last in the country in September last year – has decided to pause its U.K. clients' ability to buy crypto via Revolut Business starting Jan. 3, 2024. Customers in the country will still be able to hold and sell crypto, the report said.
Many crypto firms have had to withdraw their services to adjust to the FCA's promotions rules, which came into effect in October. The rules require firms to make significant changes to their systems to allow, for example, a 24-hour cooling-off period before some customers can make a purchase and clear crypto risk warnings that pop up.
Crypto exchange Bybit and payments giant PayPal recently decided to withdraw certain services from the U.K. following the announcement of these new rules. Another company, Luno, made the decision to block some of its clients from investing in crypto through its platform.
CoinDesk reached out to Revolut for a comment.
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