Revolut to Suspend Crypto Services for UK Business Clients in Response to Incoming New Rules

Digital bank Revolut has said it plans to suspend some of its crypto services from its U.K. business clients in response to incoming new rules from the country's regulator, a person familiar unveiled on Monday.

The bank – which registered with the main digital asset regulator in the U.K., the Financial Conduct Authority, so it could offer crypto services in the country in September last year – has decided to pause its U.K. clients' ability to buy crypto via Revolut Business starting Jan. 3, 2024. Customers in the country will still be able to hold and sell crypto. 

The pause was put in place to give the company time to adjust its current business crypto offering to make sure all of the new requirements set by the U.K. regulator in the "back end" Direct Offer Financial Promotion (DOFP) rules, which will be entering into force on Jan. 8, 2024, are met, a source unveiled.

Many crypto firms have had to withdraw their services to adjust to the FCA's promotions rules, which came into effect in October. Firms were allowed to apply for a three-month extension to apply the rules.

Crypto exchange Bybit and payments giant PayPal recently decided to withdraw certain services from the U.K. following the announcement of these new rules. Another company, Luno, made the decision to block some of its clients from investing in crypto through its platform.