Payments giant PayPal will temporarily pause crypto purchases in the United Kingdom until early 2024, the company said Wednesday, citing stricter rules by the country’s financial regulator. Customers who have previously purchased crypto assets through their PayPal account can keep them on the platform or sell them at any time, said the company. Starting October 1, however, the ability to make new purchases will be disabled. “We’re taking this measure in response to new rules enacted by the U.K. Financial Conduct Authority (FCA) that require crypto firms to implement additional steps before customers can purchase crypto,” PayPal said in a statement. This comes as the company has accelerated its footprint in crypto in recent weeks, specifically in the United States with the launch of a stablecoin, PayPal USD (PYUSD), which the payments giant announced earlier this month.

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Author: Lyllah Ledesma

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