British fintech company Revolut will withdraw its crypto operations from the US market due to the “evolving regulatory environment”.
The company said in a statement over the weekend that “uncertainties around the crypto market in the US” have led to the decision to halt services.
Revolut said that from 2 September, users in the States will no longer be able to purchase orders for cryptocurrencies on the platform. The following month, US users will be unable to buy, sell or hold cryptoassets.
The decision, which the company said will affect “less than 1% of Revolut’s crypto customers”, follows US regulatory authorities taking a harder line on the technology due to multiple controversies in the industry, notably the collapse of crypto exchange FTX.
The Securities and Exchange Commission (SEC) has filed charges against the two largest remaining crypto exchanges, Binance and Coinbase. Charges include operating unregistered exchanges and misrepresenting trading controls.
Revolut was recently given the official green light to offer crypto services in the UK after an extended review period from the Financial Conduct Authority (FCA).
While the FCA did approve Revolut’s UK crypto operations, the regulator has yet to sign off on the banking licence that the firm has been targeting for years that will allow it become a fully authorised lender.