Beginning Sept. 2, Revolut's U.S. customers won't be able to place buy orders for cryptocurrencies, the company said in an email sent to local users that was seen by The Block. Users can continue to place sell orders until Oct. 2, and from Oct. 3, the venue will be fully closed, meaning users won't be able to buy, sell or hold any cryptocurrencies. Decrypt first reported the news.
"As a result of the evolving regulatory environment and the uncertainties around the crypto market in the U.S., we've taken the difficult decision, together with our U.S. banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.," a Revolut spokesperson told The Block. The company's U.S. banking partner is Metropolitan Commercial Bank, the spokesperson said.
The decision does not affect Revolut users outside of the U.S. and impacts less than 1% of Revolut's crypto customers globally, according to the spokesperson. Revolut customers in all other markets can continue signing up and using the platform's crypto services.