Digital bank Revolut has announced it is closing its U.S. crypto platform due to an evolving regulatory environment and uncertainties around the crypto market in the country. U.S. customers will no longer be able to buy crypto via Revolut starting September 2nd, but can continue to sell for 30 more days before access is fully disabled.
This decision has not been taken lightly, and we understand the disappointment this may cause, a spokesperson for Revolut said in an email to journalists. The London-headquartered bank, which has around 25 million customers worldwide, offers a range of crypto services including trading and staking in multiple – mainly European – jurisdictions.
Revolut is actively pursuing alternative means of providing access to crypto products and we hope to offer crypto in the U.S. again in the future, a spokesperson for the bank told Decrypt.
The move follows the Securities and Exchange Commission’s (SEC) recent crackdown on crypto, targeting exchange platforms like Coinbase (COIN) and Binance, as well as a host of individual tokens including Solana’s SOL, Cardano’s ADA and Polygon’s MATIC, alleging violations of federal laws.