Share this article
Sign Up
- Back to menuCryptocurrencies
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
Revolut Suspends U.S. Crypto Platform Over Regulatory Uncertainty
The digital bank said U.S. customers will not be able to access crypto via its platform starting Oct. 3.
Digital bank Revolut is closing its U.S. crypto platform citing an uncertain regulatory environment, the firm confirmed to CoinDesk.
U.S. customers will not be able to buy crypto via Revolut starting Sept. 2 but can continue to sell for 30 more days before access is fully disabled, a letter sent by the bank to local clients said.
STORY CONTINUES BELOW
The platform said it took the "difficult decision" with its local banking partner to halt operations because of an "evolving regulatory environment" and "uncertainties around the crypto market" in the U.S. Regulators in the country, led by the Securities and Exchange Commission, have been cracking down on crypto, targeting exchange platforms like Coinbase (COIN) and Binance, as well as a host of individual tokens including Solana's SOL, Cardano's ADA and Polygon's MATIC, alleging violations of federal laws.
After the tokens were categorized as unregistered securities by the SEC in a lawsuit, several platforms including Robinhood and Revolut said they would end support for the tokens on U.S. platforms.
"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 U.S. in any way, and impacts less than 1% of Revolut’s crypto customers globally. Revolut customers in all other markets can continue to sign up and enjoy using our crypto services," a spokesperson for Revolut said in an email to CoinDesk.
The London-headquartered Revolut, which has around 25 million customers worldwide, offers a range of crypto services including trading and staking in multiple – mainly European – jurisdictions.
"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," a spokesperson for the bank told Decrypt.
Read more: Digital Bank Revolut to Offer Crypto Staking
Update (Aug. 4, 11:56 UTC): Adds more detail throughout.
Sheldon Reback contributed reporting.
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
More For You
Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
Top Stories
