REvoRevolut, a
London-based neobank, plans to wrap up its crypto trading offering to users in
the United States by October 3, CoinDesk reported today (Friday). Users have until September 2 to purchase digital assets on the platform, and another one month to sell their crypto holdings.
According
to CoinDesk, the challenger bank blamed the “difficult decision” on the
“evolving regulatory environment” in the United States. In recent months, the
Securities and Exchange Commission (SEC) has intensified its crackdown on
“crypto-asset securities” offered by “unregistered” trading platforms such as Binance and Coinbase.
In the lawsuit against
Binance filed in
early June, the SEC listed 13 tokens, including Cardano’s ADA, Polygon’s MATIC,
and Solana’s SOL, as unregistered securities. The move forced several platforms including Revolut, Robinhood and eToro, to move towards delisting some of the tokens from their platforms.
Revolut, which suspended the purchase of ADA, MATIC and SOL on its platform, initially gave its US users until September 18 to sell their holdings. With the deadline several weeks away, Revolut has decided to instead shut down its entire crypto services in the country.
However,
Revolut in a statement shared with CoinDesk noted that its users from other regions are not affected by
the decision. It emphasized that the move will impact less than 1% of
its crypto customers across the world.
“This
decision has not been taken lightly, and we understand the disappointment this
may cause,” Revolut stated.
REvoRevolut, a
London-based neobank, plans to wrap up its crypto trading offering to users in
the United States by October 3, CoinDesk reported today (Friday). Users have until September 2 to purchase digital assets on the platform, and another one month to sell their crypto holdings.
According
to CoinDesk, the challenger bank blamed the “difficult decision” on the
“evolving regulatory environment” in the United States. In recent months, the
Securities and Exchange Commission (SEC) has intensified its crackdown on
“crypto-asset securities” offered by “unregistered” trading platforms such as Binance and Coinbase.
