- U.K. users will not be able to buy cryptocurrencies through Paypal from October 1, 2023.
- The functionality is planned to be restored in early 2024, the exact date is unknown.
- PayPal made this decision due to the introduction of new FCA rules, media reports said.
Paypal said it will suspend its cryptocurrency purchase services in the U.K. from October 1, 2023. This was reported by Cryptoslate, citing an email that users received.
The email says the service will resume in early 2024, with no specific date given.
Although UK customers will not be able to buy cryptoassets, storage and sales functions will still be available.
It is not yet clear whether it will be possible to transfer cryptocurrencies to other wallets or exchanges.
The decision was explained by the introduction of new rules from the UK’s Financial Conduct Authority (FCA).
The payment service provider said in a statement that the new legislation will require “additional steps to be completed before customers can buy cryptocurrency.”
Recently, PayPal announced the launch of a cryptocurrency hub. Before that, the company launched its own US dollar-linked stablecoin.
The company has also launched its own US dollar-linked stablecoin.