In response to the Financial Conduct Authority’s (FCA) updated regulations, Revolut, the digital banking entity, has announced a temporary halt on specific crypto services for its business clients in the UK, effective January 3.
Navigating New FCA Regulations
The FCA introduced new guidelines in October, mandating significant alterations for crypto firms. These mandates include implementing a 24-hour cooling-off period and providing clear risk warnings.
Compliance Measures by Revolut
Revolut, having registered with the FCA last September to offer crypto services, ensures that its clients maintain the capability to retain and sell their existing crypto holdings.
Industry-Wide Adaptations
This shift mirrors an industry-wide trend within the crypto domain. Other companies such as Bybit, PayPal, and Luno have either adjusted their services or exited the UK market to comply with the FCA’s regulatory framework. These adjustments aim to fortify consumer protection by introducing measures like cooling-off periods and risk alerts.
Prioritizing Regulatory Adherence Revolut’s decision aligns with its commitment to meet regulatory obligations. While accommodating the updated framework, the firm enables ongoing crypto engagement for its UK-based clients, demonstrating a proactive approach to aligning with regulatory adjustments in the crypto space.
Related article: Revolut Makes Entry into Brazil’s Crypto Market
