Key Takeaways
- Revolut Business will temporarily suspend cryptocurrency purchases for UK customers from 3 January 2024 to comply with new FCA regulations effective from 8 January 2024.
- During this suspension period, customers can continue to hold and sell their cryptocurrencies.
- Several crypto companies have adjusted their operations to comply with FCA regulations or have left the UK market.
Temporary suspension of cryptocurrency purchases For business customers based in the UK.
Starts January 3, 2024 The Financial Conduct Authority (FCA) plans to implement it from January 8, 2024.
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While this movement will impact your cryptocurrency purchases, it is important to keep the following in mind: Customers can still hold and sell digital assets seamlessly. Minimize disruption to existing holdings during this period.
The FCA’s upcoming regulations represent a significant change to the cryptocurrency landscape in the UK. This new rule is designed as follows: .
One of the key requirements is: Mandatory Hazard Warning For individuals considering investing in cryptocurrency Prohibition of offering referral bonusesand “Cooling period” It aims to delay order execution for first-time cryptocurrency investors.
Initially, it was planned to comply with the regulations by October 8, 2024. The FCA has extended the deadline to 8 January 2024., taking into account the expected difficulties in complying with the new rules. By October 25, 2024, regulators have already documented: Over 200 rule violationsAdditional guidance will be provided in November.
Revolut Business is not the only business grappling with these regulatory changes. especially, bybit Is based on Solana blockchain and began to block British -based users.
As well as, Binance We temporarily suspended new customer onboarding in the UK in October due to complications with our compliance partners. Rebuildingsociety.com.
This movement of Revolut Business is Evidence of the evolving regulatory environment surrounding cryptocurrencies in the UK and the commitment of the broader financial industry to adapt to these changes while prioritizing consumer protection.
Ain is a senior cryptocurrency researcher. Her vast experience with content related to cryptocurrency and blockchain technology allows her to identify key information that should be presented to learners and ensure the validity of the data collected.
With a degree in New Media Studies, she has developed an extensive repertoire of skills to educate people through new, research-proven research models based on reasoning and human long-term memory.
Ain approaches everything with great care. Her main goal is to remove the ambiguity surrounding many Web3 concepts and guide content writers in presenting difficult cryptography-related concepts in an easy-to-understand manner.
Although content strategy is her main passion, Ain also enjoys reading fantasy books and watching superhero movies.
