- This will have no effect on customers outside the United States.
- The restrictions will begin on Sept. 2. However, users will be able to sell cryptocurrencies until Oct. 3.
- The company cited regulatory uncertainty as the reason for the decision.
Revolut said that as of Oct. 3, customers in the United States will not be able to access crypto assets through their platform due to regulatory uncertainty, Decrypt reported.
From Sept. 2, U.S. customers will not be able to buy cryptocurrencies through Revolut. However, they will be able to sell cryptoassets for another 30 days, according to the letter that U.S. users received.
The company emphasized that terminating access to buying cryptocurrency through Revolut for U.S. customers has no effect on users outside the U.S.
“Less than 1% of Revolut’s cryptocurrency customers worldwide are affected by this decision. Bank customers in all other markets can continue to register and use our cryptocurrency services,” a Revolut spokesperson told CoinDesk in an email.
Revolut announced on June 27 that it was reducing trading fees for cryptocurrency transactions. Just three days later, it was reported that the fintech firm would stop supporting three tokens – ADA, MATIC and SOL – because of the SEC’s designation of those assets as securities in a lawsuit against the Binance exchange.