According to a report published by City A.M., fintech company Revolut will stop crypto asset trading for its corporate clients in the UK at the beginning of the new year. The main reason for this decision is the legal regulations in the UK.
Revolut’s corporate clients in the UK will be able to hold and sell cryptocurrencies, but will not be able to make new crypto asset purchases. This information was announced by the City A.M. newspaper through an email sent to corporate clients by Revolut.
This significant decision taken by the Revolut team is to gain more time to comply with new requirements set by the Financial Conduct Authority in October. This situation will not affect individual customers and will only cover corporate clients.
As of January 3rd, permissions for corporate clients to purchase crypto assets will be revoked. In the email sent to customers, Revolut stated that these new requirements aim to improve customer experience and provide additional protection for crypto asset investors.
In August, Revolut ended its crypto services in the US due to a challenging regulatory environment. Similarly, the UK government is trying to facilitate the service process while introducing new rules to protect users, and crypto companies are looking for ways to best position themselves in the UK market.