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According to a report published by the UK-based media outlet City A.M., in the early days of the new year, the fintech company Revolut will not allow its corporate clients in the United Kingdom to buy or sell crypto assets on its platform. The primary reason for this development is the legal regulations in the United Kingdom.
A Noteworthy Move from the Revolut Team
City A.M. newspaper reported that Revolut’s UK-based corporate clients will be able to hold or sell cryptocurrencies, but they will not be able to purchase additional crypto assets. The newspaper discussed an email sent to corporate clients by Revolut as the source of the news. City A.M. revealed that the critical step taken by the Revolut team regarding this decision was communicated to corporate clients via email with the following statements:
“The services have been suspended to give more time to comply with the new requirements set by the Financial Conduct Authority in October.”
The report’s notable aspect is that individual customers will not be affected by this situation. Accordingly, the decision is only applicable to corporate clients, and from January 3rd onwards, the permissions for corporate clients to purchase crypto assets will be revoked. Revolut included the following statements in the email sent to customers:
“These requirements aim to improve the customer journey and provide additional protection for new and existing investors in crypto assets. As a result, our current corporate crypto offering is being updated to meet these new requirements.”
Legal Regulations and Crypto Companies
Revolut decided to end its crypto services in the United States in August, citing a challenging regulatory environment in the country. Similar to the US, the government is trying to balance protecting users with new rules while also facilitating the process for these services, and crypto companies continue to seek the best way to participate in the UK market.
Accordingly, in November, PayPal UK successfully registered with the Financial Conduct Authority to offer certain crypto asset activities within the country. Additionally, the US-based stock and crypto asset trading platform Robinhood announced their intention to enter the UK market.