Revolut will shut down its crypto trading operations in the US, citing regulatory uncertainty. Previously it had to delist three cryptocurrencies as the US Securities and Exchange Commission (SEC) classified them as securities.

Firms are giving up on their crypto businesses in the US due to the country’s strict stance against the asset class.

Revolut Joins Slew of Firms Abandoning Crypto Business

According to Bloomberg, the UK-based financial services platform Revolut will no longer allow its US customers to buy crypto from Sept. 2. 

Moreover, the platform will revoke US customers’ access to their crypto assets in October by automatically liquidating them at the market price on that particular day. Hence, users will need to liquidate their crypto assets at the best suitable price within the deadline.

However, Revolut users in other jurisdiction may continue to use the platform’s crypto trading services. This development impacts around 1% of Revolut’s total crypto users.

Revolut has been forced to shut down its operations due to regulatory challenges in the US. A spokesperson said:

“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.”

Revolut has been facing hurdles in the US market for some time. Last month, the firm had to delist three crypto assets – Solana (SOL), Cardano (ADA), and Polygon (MATIC) due to the SEC’s crackdown on altcoins.

These altcoins were classified as securities in a lawsuit against Bin

Go to Source to See Full Article
Author: Harsh Notariya

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details