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Revolut freezes crypto services for UK business customers

Revolut business crypto Image credit: Revolut

Revolut will temporarily pause crypto services for UK business customers in anticipation of new regulatory requirements.

Announced in an email to customers on Monday, Revolut will not allow business customers in the UK market to buy new cryptoassets from 3 January. They will still be able to hold and sell cryptocurrencies. Retail customers are unaffected.

The company said the move was in response to new crypto marketing requirements announced by the Financial Conduct Authority (FCA) which will take effect from 8 January 2024.

The new rules bring the marketing of crypto products in the UK under the remit of the FCA, in line with marketing related to other high-risk investments.

Revolut said it would need to “adjust” its crypto offering for business customers to “make sure all of the new requirements are met”.

“We’ll keep you informed when we lift this pause on buying crypto,” the company added.

“Our team is working hard to ensure we’re in line with upcoming regulations, and can offer you the best customer experience.”

Revolut declined to comment when approached by UKTN.

Revolut was granted approval by the FCA to offer crypto services in the UK in September 2022 after an extensive application process in which the company exceeded the original deadline set by the financial watchdog.

The FCA gave firms offering crypto services until 31 March 2022 to go through the approval process to be registered as a cryptoasset provider.

Revolut, along with a handful of other providers, could not meet that deadline. However, after some delay, the fintech was able to satisfy the regulator’s requirements.