Revolut, a cryptocurrency-friendly trading neobank, has announced its decision to suspend all cryptocurrency services for its US users due to ongoing regulatory uncertainty. The move comes shortly after the company’s partial delisting of certain digital assets from its platform.
Revolut, in collaboration with its US banking partner, plans to start suspending access to crypto through its platform on September 2, 2023. Subsequently, on October 3, all crypto services on Revolut will be completely shut down for US customers. After this date, US users will no longer be able to buy, sell, or hold any cryptocurrencies on the platform.
Impact on Users
According to a Revolut representative, this decision will only affect a small fraction, approximately 1%, of the company’s global crypto customer base. The company reassures users that it will continue to operate its non-crypto business in the United States.
Revolut will be communicating all relevant information regarding the suspension of crypto services to its US customers via email. The company’s dedicated support team will be available through the in-app chat to address any concerns and questions that US crypto customers may have.
Revolut US had previously announced its plan to delist cryptocurrencies like Cardano, Polygon (MATIC), and Solana in late June. As of late July, Revolut supported around 30 cryptocurrencies in the United States. The decision to suspend all crypto services is likely a response to the challenging regulatory landscape surrounding cryptocurrencies in the US.
Revolut is not the only major crypto service provider facing difficulties in the US market. Crypto.com, a major global crypto exchange, suspended its services to institutional clients in the US in mid-June. These actions demonstrate the increasing challenges and uncertainties faced by crypto service providers in the US regulatory environment.
Revolut emphasizes that the decision to suspend crypto services in the US was not taken lightly, and the company understands the disappointment it may cause to affected users. However, they are committed to continuing their non-crypto business operations in the United States.