Revolut scraps US crypto services

Revolut will stop offering crypto trading services to US customers from September as regulators crack down on the digital asset industry.

The banking app will be scrapping the services, which includes buying, selling and holding digital coins, because of the ‘uncertainties’ in the market.

The move comes as the British fintech firm’s chief executive Nik Storonsky and his team try to win approval from regulators for a UK banking licence. 

This would allow it to expand its services in Britain into taking deposits and giving loans. 

Revolut introduced the ability to buy, sell and hold crypto in the US in 2020.

In the last year the regulatory landscape has soured after FTX’s collapse, with the likes of Binance and Coinbase targeted by the US Securities and Exchange Commission.

The firm said the move impacts less than 1 per cent of Revolut’s crypto customers globally. 

But Revolut’s crypto services in the UK will continue as usual, despite the trading of cryptocurrencies such as bitcoin being unregulated in the UK.