Revolut, a popular fintech platform, plans to end crypto purchases for its UK business clients in 2024. The move is in response to the Financial Conduct Authority’s (FCA) new investor protection regulations.
While business clients will still be able to hold and sell existing cryptocurrency holdings, their ability to acquire additional digital assets will be limited. This change is part of Revolut’s strategy to stay current with the regulatory landscape.
The Financial Conduct Authority implemented these safeguards to protect investors and ensure responsible practices in the cryptocurrency space.
Revolut intends to comply with these regulatory changes by restricting business clients’ ability to purchase additional cryptocurrencies.
It’s important to note that this change in services will only affect business customers; retail customers will see no changes to their crypto-related activities on the Revolut platform.
This follows Revolut’s recent decision to temporarily suspend its crypto services in the United States, which was influenced by regulatory challenges in that market.
The company’s proactive response to regulatory changes demonstrates its commitment to providing its users with a secure and compliant environment.
Several firms are adapting to the new regulatory framework established by the government in the broader context of the UK crypto landscape.
Notably, PayPal UK has registered with the FCA, allowing it to continue providing cryptocurrency services in the country.
Revolut’s decision is consistent with a broader industry trend in which financial institutions are actively adjusting their operations to ensure compliance with evolving regulatory standards, thereby promoting a more secure and transparent crypto ecosystem.
