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In response to new regulations from the FCA, digital bank Revolut has announced the temporary suspension of specific crypto services for its U.K. business clients, effective Jan. 3.
The FCA’s new rules, effective since October, necessitate significant adjustments for crypto firms, including the implementation of a 24-hour cooling-off period and clear risk warnings.
See Also: The UK FCA Sets To Oversee Crypto Sandbox In Jan. 8 2024
Having registered with the FCA in September last year to provide crypto services, Revolut’s clients will retain the ability to hold and sell existing crypto holdings.
This move aligns with a broader trend within the crypto industry, where several firms, including Bybit, PayPal, and Luno, have adjusted their services or withdrawn from the U.K. market to comply with the FCA’s regulatory framework.
The measures aim to enhance consumer protection by introducing safeguards such as cooling-off periods and risk warnings.
Revolut is prioritizing adherence to regulatory requirements while allowing continued crypto engagement for its U.K. clients within the confines of the updated regulatory framework.
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