Revolut to Suspend UK Crypto Services, Citing FCA's New Ad Rules

Many crypto firms have had to withdraw their services to adjust to the Financial Conduct Authority's promotions rules which came into effect in October.

AccessTimeIconDec 18, 2023 at 4:22 p.m. UTC
Updated Mar 8, 2024 at 6:48 p.m. UTC

Digital bank Revolut has said it plans to suspend some of its crypto services from its U.K. business clients in response to incoming new rules from the country's regulator, a person familiar with the matter told CoinDesk on Monday.

The bank – which registered with the main digital asset regulator in the U.K., the Financial Conduct Authority, so it could offer crypto services in the country in September last year – has decided to pause its U.K. clients' ability to buy crypto via Revolut Business starting Jan. 3, 2024. Customers in the country will still be able to hold and sell crypto. City A.M. first reported the news on Monday, citing an email it had seen.

The pause was put in place to give the company time to adjust its current business crypto offering to make sure all of the new requirements set by the U.K. regulator in the "back end" Direct Offer Financial Promotion (DOFP) rules, which will be entering into force on Jan. 8, 2023, are met, a source told CoinDesk.

Many crypto firms have had to withdraw their services to adjust to the FCA's promotions rules, which came into effect in October. Firms were allowed to apply for a three month extension to apply the rules.

Crypto exchange Bybit and payments giant PayPal recently decided to withdraw certain services from the U.K. following the announcement of these new rules. Another company, Luno, made the decision to block some of its clients from investing in crypto through its platform.

Update (Dec. 18 17:37 UTC): Adds information from CoinDesk source plus mentions the FCA's three months extension for crypto companies in par 4.

Edited by Nikhilesh De.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.