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Major players in the cryptocurrency markets are feeling the impact of regulatory pressure in the US, with Revolut being the latest to face challenges.
The lack of clear regulations in the US regarding cryptocurrencies has led to strict measures and sanctions within the industry. As a result, companies are being cautious and taking careful steps to avoid risks in this uncertain regulatory environment.
Revolut to End Crypto Services
Fintech company Revolut has decided to stop offering crypto services to users in the United States. They mentioned the difficult regulatory situation in the country as the reason for this decision.
Revolut informed its US customers through an email that they can no longer make crypto purchases. Users will have until October 2nd to place sell orders, and from October 3rd, the entire crypto section of the company will be closed. This means that users won’t be able to buy, sell, or hold any cryptocurrencies through Revolut.
A Revolut spokesperson explained that they made a tough decision to suspend access to cryptocurrencies in the US. The reason behind this move is the changing regulatory environment and uncertainties surrounding the cryptocurrency market in the country.
The suspension applies not only to Revolut but also to their banking partner, Metropolitan Commercial Bank, in the US.
Are Cryptocurrencies Expected to Decline?
The decision made by Revolut’s spokesperson won’t affect users outside the US and will only impact less than 1% of their global crypto customers. Customers in other markets can still access crypto services without any changes.
This decision comes after the SEC declared Polygon (MATIC), Solana (SOL), and Cardano (ADA) as unregistered securities in the US. US users of Revolut holding these tokens were required to sell them before September 18th, and the tokens will be delisted on that date.
Revolut’s US users who don’t sell their crypto assets before October 2nd will have their remaining balance liquidated on October 3rd. They will receive cash payments at the market price for each token.
Many US-based crypto companies, such as Coinbase and Ripple, are seeking new homes due to concerns about increasing regulatory pressure. Some politicians argue that the strict stance is hurting innovation. The exit of companies like Revolut contrasts with others, like BlackRock, diving into the crypto space, creating an interesting contradiction.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
