Revolut Crypto Services Suspension

Revolut, a financial technology company, has made the decision to temporarily suspend its cryptocurrency services for customers in the United Kingdom.

This move is in anticipation of upcoming advertising regulations set to take effect on 8 January 2024.

Starting from 3 January 2024, digital asset traders in the UK will no longer have access to Revolut's business platform.

Notably, an email notification to customers clarified that the suspension primarily pertains to purchasing crypto, allowing users to continue selling and storing their crypto holdings on the platform without restrictions.

The decision aligns with Revolut's proactive strategy to better prepare for the forthcoming advertising rules.

Revolut Adjusts to New Requirements

The regulations, implemented by the Financial Conduct Authority (FCA), mandate crypto companies to include a "cooling-off period" for first-time investors.

In response to these regulatory changes, Revolut has opted to temporarily pause its crypto services to ensure compliance with the new requirements.

The company stated:

"We'll need to adjust our current business crypto offering to make sure all of the new requirements are met."

Revolut, which entered the British market last year after obtaining approval from the FCA, is not the only company impacted by the new advertising rules.

Other companies, such as Bybit, Binance, Marinade Finance, and PayPal, have also adjusted their services to comply with the stringent regulations.

FCA's Monitoring and Guidance

The FCA has been actively monitoring compliance with the new rules and recorded over 200 breaches by 25 October.

The regulator issued additional guidance on the laws in November.

The implementation of the new advertising changes, initially scheduled to become effective in October, was postponed until next year due to a lack of compliance.

This delay provides advertisers with additional time to align themselves with the incoming rules.