Revolut Is Going To Stop Providing Crypto Services In The US
The financial technology company Revolut made a tough decision to stop providing all crypto services in the United States. If you use Revolut, you do not need to worry about stopping to get any crypto services suddenly.
Revolut will not allow US customers to buy cryptocurrency on its platform from September 2. They will completely stop providing any cryptocurrency services from October 3, 2023. So users still have enough time to move their crypto assets and do what is best for them.
According to Revolut, regulatory uncertainty is the reason behind making this hard decision. When there is regulatory clarity, crypto companies know what they can or cannot do. They can operate their business without getting into any problems with regulatory agencies.
Popular crypto companies ask for regulatory clarity, unfortunately, they don't get a clear answer. What they get instead are fines and lawsuits. It pushes crypto businesses and investors out of the country. It is actually happening.
If the intention is to regulate crypto and protect investors, there should be clear regulatory guidelines. After a partial win in court, it shows XRP is not a security. Besides Bitcoin and XRP, the regulatory agency can claim any crypto as a security. There is no clear answer whether Ethereum is a security or not.
It is difficult to provide crypto services without having regulatory clarity. That's why crypto companies delist some crypto that could be securities or stop providing crypto services. Suspending cryptocurrency services like this definitely impacts Revolut's use base. According to Revolut, it will impact 1%of its global crypto customers due to leaving the U.S. market.
Crypto businesses find a crypto-friendly country to set up and run their business. Some countries see this as an opportunity to attract crypto business and those counties will surely do well in the future. They will lead the innovation and development in the crypto industry.
The central authority cannot stop the movement that starts with Bitcoin. You can be your own bank. The dependency on centralized institutions will go down. They can only slow down the adoption of crypto. They cannot put a stop sign on it.
This is the power of crypto and people will embrace it to enjoy freedom. Driving the crypto businesses away is not good for a country. Hope crypto businesses will get regulatory clarity and there will be crypto-friendly regulations.
