Revolut Business reportedly cuts crypto services ahead of new rules
The neobank will halt crypto purchases by businesses while it sorts out new ad requirements.
Neobank Revolut will temporarily halt cryptocurrency purchases on its business platform in the United Kingdom at the beginning of the new year, according to a media report. An email informing customers of the decision mentioned only purchasing, implying holding crypto and selling it could go on uninterrupted.
Revolut said the pause was needed to give it more time to comply with new Financial Conduct Authority (FCA) rules on promoting crypto that come into force on Jan. 8, 2024. Revolut Business will halt crypto purchases on Jan. 3, it said. In a message reproduced in an X (formerly Twitter) post, Revolut Business told customers:
Revolut is the latest of several firms that have been impacted by the FCA rules, which the regulator itself described as “tough.” The rules were announced in June and were intended to bring crypto advertising into line with other high-risk investment products.
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