• Revolut, a financial technology company that allows customers to buy and sell cryptocurrencies, will be terminating crypto services for US customers from September-October.
• The reason behind this is the regulatory uncertainty in the US economy.
• This decision could push investors and capital outside of the US because of the lack of appropriate rules in the American digital asset industry.
Revolut to Terminate Crypto Services for U.S Customers
Revolut – a leading financial technology company that enables customers to buy and sell a variety of cryptocurrencies – will cease such options for its US users from September this year. It said the main reason behind the terminated service is the regulatory uncertainty in the world’s largest economy. As reported by Reuters, Revolut will stop allowing American customers to purchase cryptocurrencies from September 2, whereas selling and holding digital assets will be disabled from October 3.
Reason Behind Decision
The US watchdogs have failed to impose comprehensive rules on the domestic crypto sector, while the SEC has waged war on some industry behemoths, including Binance and Coinbase. Revolut gave that regulatory uncertainty as the primary factor behind its decision: “As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the US.”
Potential Impact
Numerous well-known figures part of the crypto space have argued that this lack of appropriate rules in America could push investors and capital outside of it’s borders. Brian Armstrong (Coinbase’s CEO) and Jeremy Allaire (Circle’s boss) are two examples of people who have expressed their concerns about this issue before now.
Alternative Options for U.S Customers
For those affected by Revoluts termination of services there are still plenty of other options available for those looking to buy or sell cryptocurrency – although they may not offer quite as much convenience as what Revolut was able to provide previously!
Conclusion
Despite all these changes being made due to uncertainly within U.S regulations regarding cryptocurrency investment there are still numerous opportunities available for those looking too get involved with buying/selling cryptocurrency across different platforms both inside & outside America’s borders!