British banking app Revolut Ltd. will stop offering crypto trading services to US-based customers from September, citing market uncertainty and changes to the local regulatory landscape.
The London-based fintech firm will suspend US users' ability to buy cryptocurrencies via its app from September 2, a Revolut spokesperson said in an email on Friday. All access to cryptocurrency holdings will be disabled a month later, the spokesperson added.
"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 spokesperson said, adding that the decision impacts less than 1% of Revolut's crypto customers globally. The plans were first reported by crypto news publication Decrypt.
Regulatory crackdowns on crypto in the US have intensified in recent months, in the wake of a year marked by several high-profile scandals and project collapses. Authorities such as the US Securities and Exchange Commission and the Commodity Futures Trading Commission have filed a number of lawsuits against crypto firms alleged to have broken rules, while US banking regulators have
Revolut, which holds a Lithuanian banking license, had already
