TL;DR
- In a shocking turn of events, crypto-friendly bank Revolut Shuts Down Its Crypto Support In The U.S.
- The neobank cites regulations and uncertainties in the market that has forced its hand to suspend said operations.
Revolut Gives U.S. Customers 30 Days
Revolut’s U.S.-based users are in for a surprise as the digital banking platform has suddenly announced that it will cease crypto support for the country in the coming days. The bank has referred to its various challenges in the U.S. as the driving force behind its decision.
“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we’ve taken the difficult decision, together with our U.S. banking partner, to suspend access to cryptocurrencies through Revolut in the U.S”
– Revolut
Based in the UK, Revolut’s operations in the U.S. account for only 1% of its total. However, it has become one of the leading platforms for U.S. residents as a crypto-to-fiat ramp. The decision by Revolut is expected to have a lasting impact on the crypto industry in the country.
The bank will suspend crypto purchases from September 2, 2023. However, its U.S. users will have until October 2, 2023, to liquidate their assets, as all functions, including selling and holding, will be suspended.
The neobank has informed all of its U.S. customers through its email. The bank also mentioned that it will offer full support during this period and address any queries or issues its customers might encounter. However, the bank will continue its non-crypto operations as usual.
The newspage on the Revolut website does not have any information regarding this decision at the time of writing. However, every major news outlet is reporting it.
Revolut Is Not The First, Not The Last
The recent incidents in the U.S. regulatory and legal landscape have many services scrambling to change their existing services.
In June, Crypto.com suspended its institutional services in the U.S. Although not encountering regulatory issues, the company mentioned that both regulations and market sentiment have significantly reduced its customer base, compelling it to reassess feasibility.
Binance.US and Coinbase are among the other crypto service providers feeling the heat. Coinbase has already halted its institutional services and is under pressure from the SEC to delist all cryptocurrencies except Bitcoin.
Currently, Revolut offers 30 different cryptos for U.S. citizens. The company had previously announced its plans to cease support for several cryptos, including Polygon (MATIC), Solana (SOL), and Cardano (ADA), with implementation scheduled for September.
However, this has changed with the decision to pull the plug on all crypto operations.
With more than 30 million retail customers globally, Revolut has expanded in Australia, France, and New Zealand.
Susan Oh
Susan Oh is a leading figure in the integration of AI and blockchain for social good, serving as the CMO for BeOmni by Beyond Imagination and a civic technologist dedicated to creating scalable solutions. She is a board member of the Blockchain Commission For Sustainable Development supported by the UN GA Office of Partnerships, and a member of the Global Sustainability Network, a joint initiative by the Vatican and the Church of England to combat human trafficking. Recognized with the...
