Revolut, a neobank known for its proclivity toward cryptocurrency, is poised to halt cryptocurrency services in the US. This decision comes as a response to the ongoing uncertainty surrounding regulatory actions.
Revolut’s move to stop cryptocurrency services in the US will affect only 1% of its global users, according to the company.
Collaborating with its U.S. banking partner, Revolut is scheduled to halt cryptocurrency access on its platform starting from September 2. Subsequently, the company will fully close down cryptocurrency services on the Revolut platform by October 3. A spokesperson from the digital banking entity provided further details:
“The avenue for engaging with cryptocurrencies via the Revolut platform shall be rendered completely inoperative, rendering U.S. patrons bereft of the capacity to procure, vend, or uphold any variant of cryptocurrencies.”
Global Impact and Continued Operations: Effects of Halting Cryptocurrency Services
The spokesperson emphasized that leaving the U.S. market will affect only a small 1% of their global cryptocurrency customers. Furthermore, the representative also highlighted that Revolut’s other business operations in the United States will continue without interruption.
Additionally, the spokesperson for Revolut acknowledged, “This verdict was not reached without due diligence, and we empathize with the possible disillusionment this pronouncement might engender.”
For cryptocurrency clients in the U.S., a detailed document about the upcoming suspension will soon arrive in their email from Revolut. Moreover, the attached statement assures, “Our team of specialized support professionals is ready to help with any concerns or questions from our U.S. customers. You can reach them through our in-app chat.”
As mentioned earlier, Revolut US revealed its plan to stop offering support for certain cryptocurrencies. These include Cardano (ADA) with a value of $0.295, Polygon (MATIC), and Solana (SOL) valued at $23. This change was expected to happen by the end of June.
Subsequently, the company had intended to complete these changes in September. By the end of July, Revolut provided services for around 30 different cryptocurrencies in the United States.
Several prominent cryptocurrency services have lately grappled with the challenge of maintaining service provision to their U.S. clientele. Notably, Crypto.com, made public its decision to suspend services to institutional patrons based in the U.S. in mid-June.
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