Here’s Why Revolut Will Stop Providing Crypto Services to American Clients (Report)

Revolut – a leading financial technology company that enables customers to buy and sell a variety of cryptocurrencies – will cease such options for its US users from September this year.

It said the main reason behind the terminated service is the regulatory uncertainty in the world’s largest economy.

  • As reported by Reuters, Revolut will stop allowing American customers to purchase cryptocurrencies from September 2, whereas selling and holding digital assets will be disabled from October 3. 
  • The US watchdogs have failed to impose comprehensive rules on the domestic crypto sector, while the SEC has waged war on some industry behemoths, including Binance and Coinbase. Revolut gave that regulatory uncertainty as the primary factor behind its decision:

“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 US.”

  • Numerous well-known figures part of the crypto space, such as Brian Armstrong (Coinbase’s CEO) and Jeremy Allaire (Circle’s boss), have previously argued that the lack of appropriate rules in the American digital asset industry could push investors and capital outside the US.
  • Another company that recently revealed that it will suspend its crypto program due to that reason is the gaming merchandise retailer – GameStop.
  • It said it will remove its iOS and Chrome Extension wallets as of the beginning of November. Users must gain access to their secret passphrase by October 1 to be able to “recover their account in any compatible wallet.”

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