Cryptocurrency sales on its platform are expected to resume as early as 2024, with users still able to buy and store. PayPal is expected to launch its own stablecoin in the coming weeks. According to a customer announcement, PayPal announced that due to new rules from the UK Financial Conduct Authority (FCA), these regulations will come into effect on October 1, 2023.
“On October 1, 2023, PayPal will temporarily pause the ability for UK customers to buy crypto on our platform. We expect to re-enable crypto purchases in early 2024.”
Cryptocurrency purchases in the UK are temporarily suspended and will resume in early 2024 (exact date unknown). The company did not specify which rules are involved but said it will require the company to “take additional steps before customers can purchase cryptocurrencies.”
The company is deeply committed to complying with the regulations above. It will therefore suspend the sale of cryptocurrencies in the UK for as long as necessary to make the required changes.
While it won’t be possible to buy crypto, PayPal says users can hold and sell their crypto during the outage. The company did not say whether users can transfer crypto to other wallets and exchanges, although the feature is only available to users in the United States. The company assures users that their cryptocurrency remains safe and says there will be no fees for holding it.
The FCA also recently introduced new crypto advertising promotion rules that control how cryptocurrencies are promoted or advertised to potential investors, effective October.