Revolut, the crypto-friendly trading neobank, has announced its decision to start suspending all crypto services for its users in the United States. The move comes as the company faces ongoing regulatory uncertainty in the country. Starting from September 2, access to cryptocurrencies through Revolut’s platform will be suspended, and on October 3, all crypto services will be completely shut down for US customers.
Impact on Global User Base
Revolut stated that the suspension of cryptocurrency services will only affect 1% of its total global user base. This decision was not made lightly, and the company understands the disappointment it may cause to its US crypto customers. However, it’s important to note that Revolut will continue to operate its non-crypto business in the United States.
Communication and Support
Revolut will communicate all relevant information regarding the suspension to its crypto customers in the US via email. The company’s dedicated support team will be available through the in-app chat. It addresses any concerns and questions raised by US crypto customers.
Regulatory Challenges in the US Crypto Market
Revolut’s decision comes after the company had already announced the partial delisting of certain digital assets. Also, including Cardano’s ADA, Polygon’s MATIC, and Solana’s ADA. These delistings were planned to proceed in September. Additionally, other major crypto services, like Crypto.com. They have also faced challenges in servicing their customers in the United States. Also, have had to suspend services to institutional clients in the country.
Conclusion
The suspension of cryptocurrency services by Revolut in the United States reflects the uncertainty. It challenges faced by crypto businesses due to evolving regulations. As the company focuses on its non-crypto operations in the US. The impact on its global user base is expected to be minimal. Revolut remains committed to providing reliable and compliant services to its customers while navigating the complex regulatory landscape in the crypto market.
Overall, this move by Revolut signifies the growing importance of regulatory compliance in the cryptocurrency industry and highlights the need for businesses to adapt to changing circumstances to ensure the best possible service to their customers.
