On Monday, Revolut announced it will be halting its cryptocurrency services in the United States. This news comes in the wake of an intense period of activity as the US regulation of cryptocurrencies continues to evolve
Revolut to Halt Crypto Services in US
Revolut, the London-based digital banking platform, has announced that it will be halting its cryptocurrency services in the US. The company said that the decision was made due to the unclear US regulatory environment. Revolut’s current US customers will be allowed to continue to use their cryptocurrency services until the end of October, and then the services will be disabled.
The company added that it will continue to monitor the US cryptocurrency regulatory environment and review the possibility of relaunching the services in the future. Revolut’s decision comes as the US regulatory landscape is going through a period of rapid evolution, making it difficult for companies in the industry to keep up.
The company’s move is also likely related to the current strain of the pandemic on its business. Revolut recently announced that it had laid off over 600 employees to cut costs. In the US, the company has had to close its offices in New York and Seattle.
Impact on US Cryptocurrency Market
Revolut’s decision to halt its cryptocurrency services in the US will have an impact on the country’s cryptocurrency market. The company had been one of the most popular platforms for buying, selling, and trading cryptocurrencies in the US.
The move could also lead to a decrease in the amount of cryptocurrency trading taking place in the US. Without Revolut’s services, it is likely that less people will be trading cryptocurrencies, which would result in a decrease in trading volume and liquidity.
Furthermore, the absence of Revolut could lead to a decline in the number of people interested in entering the US cryptocurrency market. Without Revolut, it may be more difficult for new investors to find a platform that can provide them with the services they need.
Revolut’s decision to halt its cryptocurrency services in the US is sure to have an impact on the country’s cryptocurrency market. It remains to be seen how the market will adjust to the company’s move, and whether any other platforms will step up to fill the void left by Revolut.