Revolut will ‘temporarily pause’ UK business crypto purchases due to FCA rules
Revolut’s UK Business arm will hit pause on Jan. 3 for new crypto purchases
Mino Surkala/Shutterstock modified by Blockworks
Revolut is temporarily pausing the ability to buy crypto for UK Business customers.
According to an email seen by Blockworks, the pause goes into effect on Jan. 3 ahead of a new set of rules from the Financial Conduct Authority which go into effect on Jan. 8. Other Revolut customers will not be impacted by the pause.
The FCA is implementing crypto investment requirements, and Revolut noted that the “requirements aim to enhance the customer journey and provide additional protection for new and existing investors of crypto assets.”
“This pause won’t impact your ability to hold or sell crypto via Revolut Business, or affect any other tools and features you use with us,” the email said.
The company said it’ll keep its Business clients updated when the pause is lifted.
Revolut declined to comment on the pause.
The FCA started rolling out crypto regulations earlier this year, leading other companies to hit the pause buttons on offerings and user acceptances. Binance’s partner firm, back in October, was banned from approving crypto ads by the FCA leading the exchange to issue a temporary pause on accepting new UK users.
The FCA introduced rules in October to improve both the clarity and accuracy of marketing for crypto products. However, the agency gave an extension to some firms that would introduce “features that require greater technical development.”
The extension meant that firms could introduce features like a cooling-off period to allow consumers a set time period to consider their investment decisions without penalties.
“From this October, crypto firms must market to UK consumers clearly, fairly and honestly. And they must provide risk warnings people understand,” Lucy Castledine, director of consumer investment, said in a statement earlier this year.
The FCA issued multiple warnings to companies not following the new rules, showing its steadfast dedication to improving the way crypto companies target users.
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