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Revolut scraps US crypto services By City & Finance Reporter Updated: 21:50, 4 August 2023 e-mail View comments Licence delays: Chief executive Nikolay Storonsky Revolut will stop offering crypto trading services to US customers from September as regulators crack down on the digital asset industry. The banking app will be scrapping the services, which includes buying, selling and holding digital coins, because of the 'uncertainties' in the market. The move comes as the British fintech firm's chief executive Nik Storonsky and his team try to win approval from regulators for a UK banking licence. This would allow it to expand its services in Britain into taking deposits and giving loans. Revolut introduced the ability to buy, sell and hold crypto in the US in 2020. In the last year the regulatory landscape has soured after FTX's collapse, with the likes of Binance and Coinbase targeted by the US Securities and Exchange Commission. RELATED ARTICLES Previous 1 2 Next Revolut customer left 'emotionally sick' after thieves steal... Investor cuts value of its stake in Revolut: Fintech firm... Ministers rule out Revolut intervention: No help for fintech... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account The firm said the move impacts less than 1 per cent of Revolut's crypto customers globally. But Revolut's crypto services in the UK will continue as usual, despite the trading of cryptocurrencies such as bitcoin being unregulated in the UK. DIY INVESTING PLATFORMS Stocks & shares Isa Stocks & shares Isa Easy investing Capital at risk. Isa rules & T&Cs apply. Investment ideas Free fund dealing Free fund dealing 0.45% account fee capped for shares Flat-fee investing No fees £9.99 monthly fee One free £5.99 trade per month Social investing Social investing Share investing 30+ million global community Model portfolios Investment account Free fund dealing Free financial coaching Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence. > Compare the best investing platform for you Share or comment on this article: Revolut scraps US crypto services e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence. Toggle Search POPULAR MONEY SECTIONS Take me to… Best savings rates tables Find the best mortgage calculator Power Portfolio investment tracker Stock market data and share prices This is Money's podcast This is Money's newsletter The best DIY investing platforms The best bank accounts The best cash Isas The best credit cards Save on energy bills Compare broadband and TV deals How to find cheaper car insurance Investing Show videos Financial calculators Search Enter search term Search Search within All articles Share prices Comments 0 Share what you think No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. Add your comment Enter your comment By posting your comment you agree to our house rules . Submit Comment Clear Close Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. No Yes Close Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook. You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy . More top stories
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