Revolut Stops Supporting Crypto In The US From September 2 Due To Harsh Regulations

Revolut Stops Supporting Crypto In The US From September 2 Due To Harsh Regulations

According to Decrypt, British digital bank Revolut has declared the suspension of its cryptocurrency services in the United States due to regulatory shifts and uncertainties within the U.S. crypto market. Effective September 2, 2023, U.S. customers will no longer be able to place cryptocurrency orders on the platform. The delisting process will conclude by September 18, followed by more extensive restrictions beginning October 3, 2023. This subsequent stage will enforce a complete ban on U.S. customers accessing cryptocurrencies via Revolut. The move reflects the company’s response to the regulatory environment, particularly the stance of the U.S. Securities and Exchange Commission (SEC), which has categorized many cryptocurrencies as securities, subjecting them to investor protection rules. The SEC has intensified its stance, asserting that a significant portion of cryptocurrencies are to be treated as securities, thus making them subject to investor protection regulations. Revolut’s quick response included the removal of Cardano (ADA), Solana (SOL), and Polygon (MATIC) after the SEC’s classification of these tokens as securities. The company’s actions are aligned with broader industry discussions and actions in response to evolving regulatory pressures.