Revolut Stops Crypto Services In The United States Due To Regulatory Uncertainty

Revolut stopped its crypto trading service in the US. (Photo; Doc. GlobeFunder)

JAKARTA - Revolut, a leading financial technology company that facilitates cryptocurrency trading for customers, will end the service for users in the United States starting this September. The reason behind this step is uncertainty in regulations in countries with the largest economies in the world.

Reported by Reuters, Revolut will discontinue access to cryptocurrency purchases for American customers on September 2, while digital asset sales and holdings will be disabled from October 3.

Regulational uncertainties in the crypto sector in the United States, which does not yet have comprehensive rules implemented by supervisors, as well as supervisory efforts such as the SEC tightening control over large companies such as Binance and Coinbase, are the main reasons behind Revolut's decision.

The company conveyed its thoughts regarding this decision: "In response to the growing regulatory environment and uncertainty in the crypto market in the US, we have together with our banking partners in the US decided to suspend access to cryptocurrencies through the Revolut platform in the US."

A number of prominent figures in the crypto industry, such as Brian Armstrong (CEO Coinbase) and Jeremy Allaire (CEO Circle), have already expressed their concern that a clear lack of regulatory framework in the American digital asset industry could encourage investors and capital to seek opportunities outside the country.

Revolut isn't the only company forced to take the same steps. GameStop's retail game store, recently announced that it will also suspend their crypto program.

They plan to remove iOS and Chrome Extension wallets in early November, and users will have to access their secret passwords no later than October 1 to be able to recover their accounts in compatible wallets. This is a further reflection of the complexity facing companies in dealing with regulatory uncertainty in the crypto space.