Fintech firm Revolut has announced that it will discontinue its cryptocurrency services for customers in the United States, citing the challenging regulatory environment in the country. Starting from September 2, US users will no longer be able to place buy orders for cryptocurrencies, as per an email sent to local users, media reports said.
They will be allowed to place sell orders until October 2, after which the platform will be fully closed for crypto services, prohibiting any buying, selling, or holding of cryptocurrencies.
The decision was made in response to the evolving regulatory landscape and uncertainties surrounding the crypto market in the U.S., prompting Revolut, in collaboration with its U.S. banking partner, Metropolitan Commercial Bank, to suspend access to cryptocurrencies through its platform in the country. However, this change will not impact Revolut users outside the U.S., and it affects less than 1% of Revolut’s global customer base using crypto services.
This development comes on the heels of Revolut’s decision, a month ago, to delist specific tokens like Polygon (MATIC), Solana (SOL), and Cardano (ADA) in the U.S., following allegations from the U.S. Securities and Exchange Commission (SEC) that these tokens were unregistered securities. U.S. users holding these three tokens were required to sell them before September 18th, and the tokens will be completely delisted on that date.
For Revolut’s U.S. customers who don’t sell their crypto holdings before October 2nd, the company will liquidate any remaining balance on October 3rd, offering users the market price for each token at that time, as stated in the email notification. Customers from other markets will not be affected by this change and can continue using Revolut’s crypto services without interruption.
