Revolut to terminate US crypto services due to regulatory challenges

Key takeaways

• Fintech firm Revolut is set to terminate its cryptocurrency services to users in the United States.

• The firm cited the current regulatory environment as the reason behind its exit.

Revolut to halt crypto services in the US

UK fintech firm Revolut has revealed that it would no longer provide cryptocurrency services to its users in the United States. 

The firm said it made this decision due to the regulatory environment in the US. starting September 2nd, Revolut’s customers in the US will no longer be able to purchase cryptocurrencies.

The company informed its US users via email a few hours ago. However, its users will still be able to sell their crypto assets until October 2nd. Starting from October 3rd, users will no longer be able to buy, sell, or hold crypto assets on Revolut. 

While commenting on this latest cryptocurrency news, a Revolut spokesperson said;

“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we’ve taken the difficult decision, together with our U.S. banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.” 

Metropolitan Commercial Bank is Revolut’s banking partner in the United States.

Non-US customers will continue to enjoy crypto services

Revolut said the decision doesn’t affect its users outside the United States. Its users in other parts of the world can register and use Revolut’s cryptocurrency services. 

This latest development comes roughly a month after Revolut delistedPolygon (MATIC), Solana (SOL) and Cardano (ADA) in the United States. These tokens are regarded as unregistered securities by the U.S. Securities and Exchange Commission (SEC).

US users that fail to sell their crypto holdings before October 2nd will see their assets get liquidated on October 3rd. Users will receive the same market price for each token at that time, the company confirmed.