Revolut to ban cryptocurrency purchases for UK business customers

From 3 January 2024, the fintech company Revolut will ban cryptocurrency purchases for UK business customers. Local media report, citing letters sent to users местные СМИ.

However, the ability to hold and sell digital assets for this category of customers will remain unchanged. The ban will not affect retail clients.

Revolut said the move was necessary to adapt to new requirements set by the UK’s Financial Conduct Authority (FCA).

\”We need to adjust our current cryptocurrency offering for business customers to ensure that all new requirements are met,\” the email says.

From 2 September, Revolut suspended the provision of cryptocurrency services in the United States due to ‘a changing regulatory environment and uncertainty around the digital-asset market’.

Earlier in October, a new regime for advertising cryptocurrencies, proposed by the FCA, began to apply in the United Kingdom. The regulator has already flagged non-compliant ads, and companies hurriedly updated apps and websites.