Revolut to close cryptocurrency transactions in the US

Revolut will close its cryptocurrency operations in the United States effective October 3, 2023

This decision was made due to regulatory changes in the cryptocurrency industry and market uncertainty

British fintech company Revolut will suspend cryptocurrency services in the U.S. from September 2 and completely close access to them from October 3, 2023, according to Decrypt.

The decision was made due to regulatory changes in the cryptocurrency industry and market uncertainty, the publication said.

"Due to the changing regulatory environment and uncertainty surrounding the cryptocurrency market in the United States, we, along with our banking partner in that country, have made the hard decision to suspend access to cryptocurrencies through Revolut in the U.S.," a spokesperson explained.

Revolut is a fintech company with Russian roots. In October 2022, Storonsky renounced his Russian citizenship. The company has a banking license issued by the Bank of Lithuania in 2018. The bank is headquartered in London.

The company's customers can open bank accounts, exchange currency, withdraw funds from ATMs, and invest funds, including in cryptocurrencies.

In late June, Revolut said it was going to delist several digital assets on its platform in the U.S. due to changes in the local regulatory environment and shut down access for U.S. customers to buy and sell Cardano (ADA), Polygon (MATIC), and Solana (SOL) in September.