Revolut is set to pause some of its cryptocurrency services for businesses in the UK after the City regulator said it would publish new rules for crypto assets in the new year.
An email seen by City A.M. from the fintech on Monday said it would pause UK customers’ ability to buy crypto via Revolut Business from 3 January 2024.
Business customers will still be able to hold and sell crypto, while Revolut Retail customers will be unaffected.
The fintech said it was suspending the services to give it more time to adjust to new requirements set by the Financial Conduct Authority (FCA) in October.
The rules will include a 24-hour “cooling off period” for investors, as well a ban on incentives such as “refer a friend” bonuses.
They will come into effect for registered crypto firms on 8 January 2024, with the FCA giving companies time to introduce features which may require further technical development.
Revolut did not provide a comment to City A.M. but confirmed the authenticity of the email.
“These requirements aim to enhance the customer journey and provide additional protection for new and existing investors of crypto assets,” the firm said in the email.
“As a result, we’ll need to adjust our current Business crypto offering to make sure all of the new requirements are met.”
Revolut previously halted its crypto activity in the US due to regulatory uncertainty.