Revolut to suspend cryptocurrency services in US

Cryptocurrency-friendly trading neobank Revolut is wrapping up its crypto services in the United States amid the ongoing regulatory uncertainty.

Soon after announcing a partial delisting of certain digital assets from its platform, Revolut took a decision to suspend all crypto services for U.S. users, the firm said in a statement to Cointelegraph on Aug. 4.

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Together with its U.S. banking partner, Revolut will be working to suspend access to crypto through its platform starting from Sept. 2, 2023. The firm then will completely shut down crypto services on Revolut on Oct. 3, a spokesperson for the online bank said, adding:

“The access to cryptocurrencies through Revolut will be fully disabled and US customers will no longer be able to buy, sell, or hold any cryptocurrencies.”

The Revolut representative emphasized that the decision to leave the U.S. market will impact “just 1%” of the company’s global crypto customers. The representative also stressed that Revolut will continue to operate its non-crypto business in the United States.

“This decision has not been taken lightly, and we understand the disappointment this may cause,” the spokesperson for Revolut noted.

Crypto customers in the U.S. will soon find all relevant information regarding the suspension in the email communication they received from Revolut. “Our dedicated support team is available to address any concerns and questions our U.S. crypto customers may have via our in-app chat,” the statement added.

Related: Coinbase pauses staking services in four US states following regulators’ orders

As previously reported, Revolut US announced delisting of cryptocurrencies like Cardano (ADA), Polygon (MATIC) and Solana (SOL) in late June. The company was planning to proceed with delistings in September. As of late July, Revolut supported a total of roughly 30 cryptocurrencies in the United States.

Some major crypto services have also been struggling to continue servicing their customers in the United States recently. Crypto.com, a major global crypto exchange, announced the suspension of services to institutional clients in the U.S. in mid-June.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?