Revolut will close the cryptocurrency platform in the US – Kommersant
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Fintech company Revolut will close the cryptocurrency platform in the fall in the US, reports Decrypt with reference to a company representative. Revolut attributed the decision to “the changing regulatory environment and the uncertainty of the U.S. cryptocurrency market.”
Starting September 2, 2023, Revolut will prohibit placing orders to buy cryptocurrencies in the US. From October 3, customers will no longer be able to buy, sell or hold any cryptocurrencies. According to Decrypt, the decision is related to the June statements of the US Securities and Exchange Commission (SEC) that cryptocurrencies are unregistered securities.
“Revolut is actively looking into alternative ways to provide access to crypto products, and we hope to offer crypto again in the US in the future,” a Revolut spokesperson told Decrypt.
In early June, the SEC sued crypto exchanges Coinbase and Binance for failing to register Cardano, Polygon, and Solana as securities. Then Revolut announced the delisting of these currencies, it should be completed before September 18th.
The Decrypt article notes that most crypto companies are challenging the SEC’s jurisdiction and have been lobbying in recent months for laws that would recognize cryptocurrencies as commodities rather than securities.
Revolut was founded in 2015 by Russian Nikolai Storonsky and Ukrainian Vlad Yatsenko.
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