The UK-based fintech company Revolut has announced that it will suspend its cryptocurrency services in the United States, effective from September 2, 2023. This decision comes as a response to the evolving regulatory landscape and uncertainties surrounding the crypto market in the US.
As of September 2, 2023, US customers will no longer be able to place new purchase orders for cryptocurrencies on Revolut. Furthermore, starting from October 3, 2023, access to cryptocurrencies will be completely blocked for these customers.
The company is actively seeking alternative ways to provide access to crypto products in the US and hopes to reintroduce them in the future. This decision was made in consultation with their US banking partner and does not affect Revolut’s operations outside of the US.
At the same time, Revolut plans to remove Cardano (ADA), Solana (SOL), and Polygon (MATIC) from its list of supported cryptocurrencies following statements from the US Securities and Exchange Commission (SEC) classifying these tokens as securities. The complete removal is expected to be completed by September 18.
Revolut’s crypto services remain active and are even expanding in other parts of the world, particularly in Europe. In February, the company launched a staking program that allows customers in the UK and approximately 30 European countries to earn cryptocurrency rewards.
