$33,000,000,000 Payments App Revolut Shuts Its Doors on Crypto in the US Amid Regulatory Environment: Report
Digital banking app Revolut will reportedly stop providing crypto trading services in the US as the nation’s regulators continue to crack down on the nascent industry.
According to a new Bloomberg report, the $33 billion platform will no longer allow US-based customers to buy cryptocurrencies starting September 2nd.
The app will eventually shut down access to all crypto holdings a month after.
Crypto has faced increased scrutiny from US regulators following a series of bankruptcies and scandals in the industry.
In July, Revolut halted the trading of Solana (SOL), Cardano (ADA) and Polygon (MATIC) in the country after the U.S. Securities and Exchange Commission (SEC) labeled the altcoins as unregistered securities in its lawsuits against crypto exchanges Coinbase and Binance. About a week ago, the SEC reportedly asked Coinbase to stop all trading of crypto assets besides Bitcoin (BTC).
Says a spokesperson for Revolut,
“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the US.”
The London-based firm says the decision to terminate crypto services in the US will affect less than 1% of the platform’s global customers.
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