Digital banking app Revolut will reportedly stop offering crypto trading services in the US as the country’s regulators continue to crack down on the nascent industry.
As of September 2, the $33 billion platform will no longer allow US-based customers to purchase cryptocurrencies, according to a new Bloomberg report.
The app will eventually cut off access to all crypto holdings a month later.
Crypto has received increased attention from US regulators following a series of bankruptcies and scandals in the industry.
In July, Revolut stopped trade in Solana (SOL), Cardano (ADA) and Polygon (MATIC) in the country after the US Securities and Exchange Commission (SEC) designated altcoins as unregistered securities in its lawsuits against crypto exchanges Coinbase and Binance. About a week ago, the SEC reportedly asked Coinbase to halt all trading of crypto assets besides Bitcoin (BTC).
Say a Revolut spokesperson,
“Due to the changing regulations and uncertainties surrounding the crypto market in the US, we have made the difficult decision together with our US banking partner to suspend access to cryptocurrencies through Revolut in the US.”
The London-based firm says the decision to end crypto services in the US will affect less than 1% of the platform’s global customers.
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Featured image: Shutterstock/vvaldmann/Natalia iatovskaia