According to the company that told CoinDesk, digital bank Revolut is shutting down its cryptocurrency platform in the United States due to an unsteady regulatory climate.
In a message to local clients, the bank stated that U.S. consumers will no longer be able to purchase cryptocurrency through Revolut as of September 2 but will still be able to sell it for another 30 days before access is completely shut down.
The platform claimed it made the “difficult decision” to suspend operations in response to the “evolving regulatory environment” and “uncertainties around the crypto market” in the United States. Authorities in the nation have been cracking down on cryptocurrencies, targeting exchanges like Coinbase (COIN) and Binance as well as a variety of individual tokens like Solana’s SOL, Cardano’s ADA, and Polygon’s MATIC on the grounds that they violate federal laws. The Securities and Exchange Commission, the country’s top regulator, has been leading this effort.
Following the SEC’s classification of the tokens as unregistered securities in a lawsuit, a number of companies, including Robinhood and Revolut, announced they will stop supporting the tokens on U.S. platforms. “We recognise the disappointment this may bring about, but this choice has not been made lightly.
Less than 1% of Revolut’s crypto customers worldwide are impacted by this ban, which has no impact on users of Revolut outside of the U.S. Customers of Revolut in all other markets are still welcome to sign up and take advantage of our cryptocurrency services, a company representative stated.
Revolut, a financial services company based in London with about 25 million customers globally, provides a variety of cryptocurrency services, including trading and staking, in several European countries. Revolut is actively looking for new ways to make crypto products accessible, and we aim to once more provide crypto in the United States in the future, a bank representative told Decrypt.