Revolut is planning a spectacular crypto comeback for US customers!

Revolut is planning a spectacular crypto comeback for US customers!

Neobank Revolut suspended its crypto services in the US in October 2023. This happened due to the restrictive regulatory approach of the US Securities and Exchange Commission (SEC) led by Gary Gensler. Loud BTC ECHO However, Revolut plans to return to the US market after halting services due to regulatory uncertainty.

Mazen ElJundi, Head of Crypto at Revolut, has confirmed the strategic decision to resume services. The plan is to reintroduce Bitcoin and Ethereum to US customers, although the official list of supported crypto assets has yet to be determined.

Regulatory challenges

The closure of the crypto platform in the US was not surprising as Revolut was no longer able to offer cryptocurrencies for purchase as of September 2, 2023. U.S. customers were required to sell their existing crypto holdings over the following 30 days before access to the platform was completely disabled. This decision was made in collaboration with the local banking partner and was in response to the evolving regulatory environment in the US. The SEC has taken action against crypto exchanges such as Coinbase and Binance in recent months, which has also resulted in certain tokens being classified as unregistered securities.

Revolut has affected less than 1% of its global crypto customers as the company has around 25 million customers worldwide and offers crypto services in several European jurisdictions. The closure therefore represented a rather small part of the overall customer base, which achieved sales of 2.1 billion euros in the 2023 financial year.

Future plans and developments

Despite the challenges in the US market, Revolut remains optimistic. The company plans to pursue alternative ways to provide crypto products in the US and hopes to offer crypto services again soon. At the same time, they have announced that they will be introducing Bitcoin Lightning payments for European customers to enable faster and cheaper BTC transactions.

Although the future of crypto services in the US remains uncertain, Revolut's commitment to innovation and adaptation in a challenging regulatory environment shows that the company is ready to rise to the challenges and adapt its services as necessary. Further developments will be exciting to watch, especially given the tense regulatory situation that affects many players in the crypto market, including CoinDesk reported.