- Access to the platform will be fully disabled on October 2
- Suspension impacts fewer than 1% of Revolut crypto customers globally
Leading digital bank Revolut, which has around 25 million customers across the globe, is shutting down its US crypto platform due to legislative uncertainty, CoinDesk reported.
Access to the platform will be fully disabled on October 2. Customers in the US won’t be able to use the platform to buy crypto after September 1.
Platform cites regulatory unclarity as the cause
Considering the uncertainty surrounding the US crypto market and the developments in the regulatory environment, Revolut and its US banking partner decided to terminate access to cryptocurrencies through the Revolut app.
Severe crackdown
The US Securities and Exchange Commission and other regulators have been cracking down on crypto in the country throughout the year. Examples include the lawsuits against Binance and Coinbase. Moreover, SEC dubbed a number of top market value altcoins securities, including Cardano (ADA), Solana (SOL), and Polygon (MATIC), alleging that offering them for trading was a violation of federal securities laws.
Robinhood ended support for SOL, ADA, MATIC
After the SEC identified these tokens as unregistered securities, Revolut and Robinhood announced they were ending support for them on US platforms. As Bankless Times reported, Robinhood decided to delist them against the backdrop of the SEC’s lawsuitsabout a month ago.
A Revolut spokesperson shared the following statement with CoinDesk in an email:
This decision has not been taken lightly, and we understand the disappointment this may cause. This suspension does not affect Revolut users outside of the US in any way, and impacts less than 1% of Revolut’s crypto customers globally. Revolut customers in all other markets can continue to sign up and enjoy using our crypto services.
Revolut has its head office in London. The platform offers a variety of crypto services, including staking and trading, in multiple jurisdictions, but mainly Europe.
