Revolut Leaves US Crypto Scene
Revolut, a fintech company, has decided to discontinue its cryptocurrency services for customers based in the United States.
The reason cited for this decision is the challenging regulatory landscape in the country.
Starting from September 2, U.S. customers will no longer be able to place buy orders for cryptocurrencies. The email sent to local users stated that they can continue to place sell orders until October 2. After October 3, the platform will be fully closed for U.S. users, which means they won’t be able to buy, sell, or hold any cryptocurrencies.
A spokesperson from Revolut explained that the suspension of access to cryptocurrencies in the U.S. was due to the evolving regulatory environment and uncertainties surrounding the crypto market. The decision was taken in collaboration with their U.S. banking partner, Metropolitan Commercial Bank.
It’s important to note that this change will only affect U.S. users and does not impact Revolut customers outside of the United States. Additionally, less than 1% of Revolut’s crypto customers globally will be affected by this decision.
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The move comes after Revolut recently delisted Polygon (MATIC), Solana (SOL), and Cardano (ADA) in the U.S. These tokens were alleged by the U.S. Securities and Exchange Commission to be unregistered securities. U.S. users holding these tokens were required to sell them before September 18, and the tokens will be delisted on that date.
Suppose Revolut’s U.S. users do not sell their cryptocurrency holdings before October 2. In that case, the company will liquidate any remaining balances on October 3, and users will receive the market price for each token at that time, according to the email.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
