Revolut has announced that it will be discontinuing its crypto services in the US due to the changing regulatory environment surrounding cryptocurrencies. Starting October 3, 2023, US-based Revolut users will no longer be able to conduct crypto transactions on the platform.
Another Crypto Exchange Leaves the US Due to SEC Witch Hunt
As the SEC takes a stricter stance on classifying many digital currencies as securities, Revolut has taken preemptive measures. The company has already removed Cardano (ADA), Solana (SOL), and Polygon (MATIC) from its platform, following the SEC’s opinion that they are securities. This removal will be completed by September 18.
Due to the changing regulatory landscape and uncertainties in the US crypto market, Revolut and its US banking partner have made the difficult decision to suspend access to cryptocurrencies through Revolut in the US. The company understands that this may be disappointing for its users and want to assure them that this decision was not made lightly.
The SEC has increased regulatory action against major players in the crypto industry, with allegations focusing on registration discrepancies. These allegations have been met with counterarguments from the implicated platforms. Despite the challenges in the US, Revolut’s global crypto initiatives remain on track.
The company continues to expand in regions such as Europe, where it has launched a popular staking program. This program, available to users in the UK and several European countries, allows users to earn cryptocurrency rewards and has been well received.
Revolut’s decision to discontinue its crypto services in the US, starting on September 2, 2023, highlights the challenges between innovation in the crypto industry and the constantly changing regulatory frameworks.
As the US continues to provide an unclear and uncertain regulatory environment for cryptocurrencies, more companies like Revolut will likely leave the US market. Meanwhile, regions such as Asia and Europe are stepping up their efforts to attract the innovative markets that cryptocurrencies offer.