Revolut Halts UK Crypto Services Due to FCA's New Rules

Revolut, the leading digital bank, has decided to temporarily suspend certain crypto services for its UK business clients, citing the newly implemented advertising rules by the Financial Conduct Authority (FCA). As of January 3, 2024, Revolut Business clients in the UK will no longer have the option to purchase cryptocurrencies through the platform. However, it's important to note that customers in the country can continue to hold and sell their existing crypto assets.

This move comes as the FCA's latest regulations, known as the “Direct Offer Financial Promotion (DOFP) rules,” are set to take effect on January 8, 2023. Revolut has taken the proactive step of suspending crypto purchases for its business clients to ensure full compliance with these new requirements.

The Financial Conduct Authority introduced these promotional rules in October, impacting numerous cryptocurrency firms operating in the UK. To assist companies in adjusting to the new regulations, the FCA allowed them to apply for a three-month extension.

Revolut, having registered with the primary digital asset regulator in the UK last September, had been offering crypto services to its clients in the country. However, in light of the evolving regulatory landscape, the bank has decided to pause the buying option while allowing clients to retain their crypto holdings and facilitate sales.

Revolut's decision aligns with the recent actions taken by other major players in the cryptocurrency industry. Companies such as Bybit, a prominent crypto exchange, and PayPal, a global payments giant, have also opted to withdraw specific services from the UK market in response to the FCA's new advertising rules. Additionally, Luno, another cryptocurrency platform, chose to restrict certain clients from investing in crypto assets through its platform.

Revolut remains committed to providing innovative and compliant financial solutions to its clients. The temporary suspension of crypto purchases through Revolut Business will enable the bank to make necessary adjustments to its offerings, ensuring that all aspects of the DOFP rules are met. This move underscores Revolut's dedication to maintaining the highest standards of regulatory compliance and customer service.

Revolut is a pioneer in the digital banking field, providing a diverse variety of financial services and products to its increasing customer base. Revolut has become a trusted option for consumers and organizations looking for contemporary banking solutions because of its strong emphasis on transparency, ease, and accessibility.

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News 2023-09-19

Further Reading

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About Revolut

Revolut is a leading digital bank that delivers innovative financial solutions to consumers and companies. Revolut's user-friendly interface allows it to provide services such as banking, cryptocurrency trading, international money transfers, and more. The organization is devoted to providing its varied client base with transparent and easy banking services.