Digital banking app Revolut will reportedly stop providing crypto trading services in the US as the nation’s regulators continue to crack down on the nascent industry.
According to a new Bloomberg report, the $33 billion platform will no longer allow US-based customers to buy cryptocurrencies starting September 2nd.
The app will eventually shut down access to all crypto holdings a month after.
Crypto has faced increased scrutiny from US regulators following a series of bankruptcies and scandals in the industry.
In July, Revolut halted the trading of Solana (SOL), Cardano (ADA) and Polygon (MATIC) in the country after the U.S. Securities and Exchange Commission (SEC) labeled the altcoins as unregistered securities in its lawsuits against crypto exchanges Coinbase and Binance. About a week ago, the SEC reportedly asked Coinbase to stop all trading of crypto assets besides Bitcoin (BTC).
Says a spokesperson for Revolut,
“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.”
The London-based firm says the decision to terminate crypto services in the US will affect less than 1% of the platform’s global customers.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/vvaldmann/Natalia iatovskaia
