Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. The financial banking services from Revolut will soon be without cryptocurrency in the United States, as the British neobank announces plans to halt its services for US customers.
No more Crypto in USA for Revolut Customers
The British neobank Revolut, which has been known as one of the more crypto friendly banking services, has announced its plans to stop providing crypto services in the United States. This came after the digital bank cited the market uncertainty, along with changes to the local regulatory landscape in the country. From the 2nd of September 2023 the fintech firm will suspend user's ability to buy cryptocurrency from its app in the United States, and all access to cryptocurrency holdings will be completely disabled a month later, on the 3rd of October, on the app. A Revolut spokesperson noted:
“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the US.”
This will impact less than 1% of Revolut’s crypto customers globally according to the spokesperson, and the digital bank has around 25 million customers around the globe. This will have an impact on around 2% of Revolut’s U.S. retail customer base overall. Revolut’s U.S. banking partner is New York City-based Metropolitan Commercial Bank, while its digital-asset services are provided by crypto marketplace Bakkt. The spokesperson went on to add:
“This decision has not been taken lightly, and we understand the disappointment this may cause. This suspension does not affect Revolut users outside of the US in any way. Revolut customers in all other markets can continue to sign up and enjoy using our crypto services.”
With heightened scrutiny in the crypto industry within the United States following a year of noteworthy scandals and the collapse of various projects, the move came in part due to moves made by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in their lawsuits against the likes of Binance and Coinbase. With the lawsuits coming following the SEC classifying certain cryptocurrencies as unregistered securities earlier this year, Revolut is hoping that further down the line they will once again be in a position to offer crypto within the US market.
"Revolut is actively pursuing alternative means of providing access to crypto products and we hope to offer crypto in the U.S. again in the future.”
Have a great day.
Peace. CryptoGod-1.
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