Revolut have announced it will begin to cease US customers’ access to its crypto services starting at the beginning of September.
The British fintech giant said the “difficult decision” was made on the basis of the country’s uncertain crypto market and regulatory environment.
Revolut and its US banking partner will suspend access to all crypto on 2 September 2023, with the aim to completely close down the US service on 3 October, according to the company.
“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,” a Revolut spokesperson said in a statement.
Suneet Muru, analyst at research firm GlobalData, believes Revolut’s US exit “highlights the disparity between crypto regulation in the US and the EU.”
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“The enforcement approach taken by the US is here to stay, despite Ripple’s recent win over the SEC,” Muru said.
Adding: “If the US is to stop scaring off key players in its crypto industry, it will need to bring a comprehensive bill to the floor and vote on it fast.”