Yet another crypto-related firm is turning its back to the United States.
Revolut, the cryptocurrency-friendly neobank, has announced the cessation of all crypto-related services in the United States due to the ongoing ambiguity in regulatory conditions.
The online banking firm had previously announced a partial delisting of specific digital assets, with this new decision taking the situation a step further.
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The suspension process carried out with the assistance of Revolut's US-based banking partner, will initiate on September 2nd, 2023, culminating in a complete shutdown of crypto services on the platform by October 3rd.
Revolut has assured that this step will affect "just 1%" of the company's global crypto customer base.
A spokesperson from the online bank articulated that access to cryptocurrencies will be completely disabled, and US customers will lose the ability to buy, sell, or hold cryptocurrencies. However, Revolut's non-crypto business operations will persist within the United States.
The decision to withdraw from the US market wasn't made without serious consideration. Revolut's representative emphasized:
This decision has not been taken lightly, and we understand the disappointment this may cause.
Revolut's latest move comes after the firm's US division announced the delisting of Cardano (ADA), Polygon (MATIC), and Solana (SOL) in late June, with the plan to proceed with these delistings in September.
Revolut's situation is not a single incident, as other major crypto services have faced similar challenges in the US market. Crypto.com also declared the suspension of services to institutional clients in the United States in mid-June.
Revolut's decision to suspend crypto services in the US is a reflection of the complex and uncertain regulatory landscape that crypto companies are currently navigating. By drawing a clear line on crypto while maintaining other services, Revolut is maneuvering cautiously in an environment that has proven challenging even for significant players in the industry.
