Revolut to Take Down US Crypto Services: Blames Regulators

Sahana Kiran
Source – TechCrunch

Revolut announced the discontinuation of its cryptocurrency services in the United States. This decision comes shortly after the company’s move to provide accounts to non-U.S. citizens lawfully residing in the country, even if they do not possess a Social Security number [SSN] or individual taxpayer identification number [ITIN].

Revolut made this decision after carefully evaluating the regulatory landscape in the U.S. The ambiguous and uncertain crypto-related regulations have compelled numerous companies to exit the country, and now Revolut has joined this list of firms. The firm said,

“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the U.S. This decision has not been taken lightly, and we understand the disappointment this may cause.”

Previously, in response to the SEC’s actions, Revolut decided promptly to remove Cardano [ADA], Solana [SOL], and Polygon [MATIC]. The regulator classified these three tokens as securities. This further pushed the firm to delist them and stay in the good books of the regulator.

Also Read: Revolut to Delist Polygon (MATIC), Solana (SOL), Cardano (ADA) in the US

The way forward for Revolut’s customers

As per the UK-based firm’s announcement, starting from Sept. 2, U.S. customers will not have the option to initiate buy orders for cryptocurrencies. However, they will still be able to place sell orders until Oct. 2, but from Oct. 3 onward, the platform will be entirely closed. This further means that users won’t have the ability to buy, sell, or hold any cryptocurrencies.

Revolut clarified that this decision will have no impact on its users outside of the U.S. Additionally, it will only affect less than 1% of its global crypto customers. Revolut’s crypto services will remain accessible to customers in all other markets, and they can continue to sign up and utilize the platform as usual. U.S. citizens, however, received an email confirming the closure of their branch.

However, despite the challenges, the U.S. government has been approving several bills related to cryptocurrencies. This has given American firms and investors reason to remain optimistic about the country’s crypto landscape.

Also Read: US Congressional Committee Approves Crypto Bill For Regulation