Revolut’s Drastic Move: Terminate US Crypto Activity  

Revolut, UK based fintech firm is to stop all US crypto access from October, this decision affects less than 1% of bank worldwide users.  

British banking app Revolut Ltd. Would terminate providing crypto trading services to US based customers from September, advocating market uncertainty and changes to the native regulatory market, Bloomberg reported. 

 The London based fintech company would stop US customers’ ability to purchase cryptocurrencies by its app from September 2, a British bank spokesperson said in an email on Friday. All approach to cryptocurrency holdings would be impaired after a month, the spokesperson added. 

As an outcome of the revolutionizing regulatory environment and the unreliability across the crypto market in the US, they have taken complex decision, together with their US banking affiliate, to terminate access to cryptocurrencies via Revolut in the US, the spokesperson stated, further said that the decisions affect less than 1% of Revolut’s crypto users globally.  

Regulatory clampdown on crypto in US have escalated in current months, in the wake of a year marked by various high-profile rumors and ventures collapse. Authorities like US Securities and Exchange Commission and Commodity Future Trading Commission have recorded several lawsuits against crypto companies accused to violated rules, while US banking regulators have alerted conventional financial firms on the risk of business with the sector, Disclosed by Bloomberg. 

Revolut, that have a Lithuanian banking license, had already removed several cryptocurrencies for trading in the US after they were marked as unregistered securities by the SEC at the beginning of this year. Its US banking affiliate is Metropolitan Commercial Bank, as per a notice in the Revolut website, while crypto services are offered by the Bakkt Holdings Inc.’s Apex Crypto unit.