Key Insights
- Revolut to stop providing cryptocurrency services to US users
- Full restriction will come into effect on October 3
- Previously, the platform delisted Cardano, Solana and Polygon
British fintech company Revolut is phasing out crypto operations in the US. The decision, influenced by the changing regulatory landscape and the uncertainty surrounding the US market, will come into effect on September 2, 2023.
Starting from this date, US customers will not be able to place orders to buy cryptocurrencies on the Revolut platform. The full restriction will take effect a month later: from October 3, users will not be able to buy, sell or store any digital assets.
Due to evolving regulatory environments and uncertainty in the US cryptocurrency market, we have made the difficult decision with our US banking partner to suspend access to cryptocurrencies through Revolut in the US, a company spokesperson said. This decision was not taken lightly and we understand the frustration it can cause.
All US customers have already received a notification email from Revolut.
SEC continues to hunt for crypto companies
An important factor that influenced this decision was the legal uncertainty and the ongoing repression of the US regulator against crypto companies.
The Securities and Exchange Commission states that most digital assets are securities and are therefore subject to investor protection rules. Things escalated in early June when the SEC sued Coinbase and Binance for violating federal securities laws.
Read also: SEC Told Coinbase to Stop Trading of All Cryptocurrencies Except Bitcoin
After the SEC statement, Revolut delisted Cardano (ADA), Solana (SOL), and Polygon (MATIC), which were blacklisted by the regulator. The process will end by September 18th.
Key players in the crypto industry are challenging the actions of the SEC and are lobbying Congress for legislation to clarify that cryptocurrencies are, by nature, more like commodities than securities.