Savvy

Cardano

United

Solana

Impact

<p><strong>Revolut is another big fintech company that flees the US and it’s probably not the last one.</strong></p> 
<h2 style="text-align: center;" id="fleeing-the-us">Fleeing the US</h2> 
<p>Revolut, a UK-based fintech company, <a href="https://decrypt.co/151272/revolut-shutter-us-crypto-operations-due-regulatory-environment" target="_blank" rel="noopener noreferrer nofollow">has made the decision to suspend its cryptocurrency services</a> in the United States due to the changing regulatory landscape and uncertainties in the US crypto market. The suspension will take effect from September 2, 2023, and U.S. customers will no longer be able to buy cryptocurrencies on the Revolut platform.</p> 
<p>Following the initial suspension, there will be a more comprehensive restriction starting from October 3, 2023. At this point, U.S. customers will lose complete access to cryptocurrencies through Revolut, meaning they won’t be able to buy, sell, or hold any cryptocurrencies.</p> 
<p>Revolut has informed all its crypto customers in the US about the upcoming suspension via email. The company acknowledges that this decision may disappoint some users.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">“This decision has not been taken lightly, and we understand the disappointment this may cause,” a <a href="https://twitter.com/RevolutApp?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@RevolutApp</a> spokesperson told Decrypt on closing its crypto services in the United States. <a href="https://t.co/X2FmeCLDLM" rel="noopener noreferrer nofollow">https://t.co/X2FmeCLDLM</a></p> 
 <p>— Decrypt (@decryptmedia) <a href="https://twitter.com/decryptmedia/status/1687425699232018432?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 4, 2023</a></p> 
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="regulatory-challenges">Regulatory Challenges</h2> 
<p>Revolut’s decision comes as a response to the evolving regulatory environment surrounding cryptocurrencies in the US. The Securities and Exchange Commission (SEC) has argued that many cryptocurrencies should be treated as securities, and this has led to legal actions against major crypto exchanges like Coinbase and Binance. Revolut has also faced regulatory pressure, leading them to delist certain cryptocurrencies labeled as securities by the SEC.</p> 
<h2 style="text-align: center;" id="focus-on-global-expansion">Focus on Global Expansion</h2> 
<p>While facing challenges in the US, Revolut’s crypto services in other markets, especially in Europe, remain unaffected. The company has been expanding its crypto offerings and recently launched a staking program in Great Britain and around 30 European countries, allowing customers to earn rewards in cryptocurrency.</p> 
<h2 style="text-align: center;" id="the-impact-of-us-regulatory-environment">The Impact of US Regulatory Environment</h2> 
<p>Revolut’s move to suspend crypto services in the US highlights the complex relationship between crypto innovation and evolving regulatory frameworks. The US regulatory landscape has been criticized for lacking clarity, causing some companies to seek more favorable environments in other regions like Asia and Europe.</p> 
<h2 style="text-align: center;" id="looking-ahead">Looking Ahead</h2> 
<p>As of now, Revolut <a href="https://walletinvestor.com/magazine/revolut-revolutionizes-crypto-trading-with-reduced-fees" target="_blank" rel="noopener noreferrer nofollow">aims to find alternative means</a> to offer crypto services in the US in the future. However, the decision to suspend operations indicates the growing challenges faced by fintech companies operating in the US crypto market.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Revolut’s decision to suspend cryptocurrency services in the US will impact just 1% of their worldwide users. <a href="https://twitter.com/hashtag/Revolut?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Revolut</a> <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#cryptocurrency</a> <a href="https://twitter.com/hashtag/USwithdrawal?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#USwithdrawal</a></p> 
 <p>— Block Savvy (@Block_Savvy) <a href="https://twitter.com/Block_Savvy/status/1687430084150300673?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 4, 2023</a></p> 
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="summary">Summary</h2> 
<p>Revolut, the UK-based fintech firm, has decided to suspend its cryptocurrency services in the United States starting from September 2, 2023. This decision comes as a response to the evolving regulatory landscape and uncertainties surrounding the crypto market in the US. From September 2, US customers will no longer be able to place buy orders for cryptocurrencies on the Revolut platform, and a complete restriction will be implemented from October 3, 2023, disallowing any access to cryptocurrencies. The US Securities and Exchange Commission’s (SEC) classification of certain cryptocurrencies as securities has contributed to this move, with Revolut promptly delisting Cardano (ADA), Solana (SOL), and Polygon (MATIC). Revolut’s global crypto services, however, remain unaffected, with expansion efforts continuing in other regions, particularly in Europe. The decision highlights the challenges posed by the US regulatory environment for crypto companies, leading some to explore more favorable markets in other parts of the world.</p>

Revolut Suspends Crypto Services in the US

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WalletInvestor

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