Revolut to pause crypto buying for UK business customers

The move follows the FCA introducing tougher rules limiting how crypto is advertised to UK customers.
Revolut to pause crypto buying for UK business customers

Revolut is pausing some of its crypto services for its UK business customers from early next year, amid a crackdown on advertising cryptocurrencies in the UK.

The pause will mean that Revolut's UK business customers will be unable to buy crypto assets through Revolut from January 3 for a period of time.

However, they will still be able to hold or sell crypto through Revolut Business.

The pause will not impact Revolut’s retail customers, who will continue to be able to buy and sell crypto.

Revolut did not give a timeframe on how long the pause would last but said it would be in place until Revolut’s crypto offering was compliant with the new rules.

Earlier this year, the UK finance regulator, the FCA, set out curbs on the advertising of cryptocurrencies, such as Bitcoin and Ethereum, to British customers.

New rules include a demand that the marketing of crypto firms must be “clear, fair and not misleading”, labelled with prominent risk warnings and must not inappropriately incentivise people to invest. They also include a 24-hour cooling off period for investors and a ban on "refer a friend" bonuses.

Firms that fail to comply with the rules could face up to two years in prison.

Revolut told its customers:

“The Financial Conduct Authority (FCA), our UK regulator, has issued new requirements for crypto asset investments, which will come into effect on 8 January 2024.

These requirements aim to enhance the customer journey and provide additional protection for new and existing investors of crypto assets.

As a result, we'll need to adjust our current Business crypto offering to make sure all of the new requirements are met."

On advice for its crypto business customers, Revolut said its customers "don't need to do anything, unless you want to make alternative arrangements with your crypto:

“We'll keep you informed when we lift this pause on buying crypto.

"Our team is working hard to ensure we're in line with upcoming regulations, and can offer you the best customer experience.”

PayPal, the payments giant, has previously said it was suspending some crypto services until it was compliant with new rules.

Other firms, such as ByBit and Luno, which are not registered with the FCA, said they were halting services.

Lead image: Revolut. Photo: Uncredited. 

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