UK challenger bank Revolut has announced that it will halt cryptocurrency services for its US customers, citing regulatory changes and uncertainty in the crypto market as primary reasons.
From September 2, US customers will no longer be able to purchase cryptocurrencies on the platform, and by October 3, all buying, selling, and holding of cryptocurrencies will be disabled.
Revolut said the decision affects less than 1% of its global crypto customers and comes as US regulators are increasing their scrutiny on the cryptocurrency industry.
The decision was made in collaboration with their US banking partner, added a company spokesperson.
“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.
This decision has not been taken lightly, and we understand the disappointment this may cause,” it said.