Revolut obtained registration with the Financial Conduct Authority (FCA) to offer cryptocurrency services in the UK in September of the previous year, and it is now set to suspend specific crypto services for its UK business clients. This move is in response to the new regulations introduced by the FCA governing promotions, which took effect in October 2023. Starting 3 January 2024, Revolut Business clients in the UK will be unable to purchase crypto through the platform, while retaining the ability to hold and sell existing holdings according to Coindesk.
The decision to suspend these services is attributed to Revolut’s need to align its business crypto offerings with the upcoming Direct Offer Financial Promotion (DOFP) rules, a set of regulations imposed by the FCA that will be effective from 8 January 2023. The pause is intended to provide the company with sufficient time to ensure compliance with the new requirements…
