Revolut to suspend cryptocurrency services in US
Revolut’s suspension of cryptocurrency services in the United States will affect 1% of their total global user base, the firm said.
Revolut’s suspension of cryptocurrency services in the United States will affect 1% of their total global user base, the firm said.
The crypto-friendly digital bank said the license would hold them to a higher “regulatory standard” that could give consumers confidence.
Digital bank Revolut has partnered with Koinly to integrate cryptocurrency tax report services for users.
Revolut reportedly issued a public statement and hired lawyers in March in order to prove “misreporting” of the audit opinion by BDO.
The UK financial watchdog has received 300 crypto firm registration applications but has approved only 41 applicants.
Revolut had been the last "holdout" out of the 12 companies originally granted FCA temporary registration to continue offering crypto services in March.
“The auditors are being significantly more challenging now, because they’re getting beaten up by their regulators,” reportedly said an individual familiar with Revolut's situation.
U.K.-based digital bank Revolut has been authorized by Cyprus to provide cryptocurrency services to millions of customers on the Old Continent. The fintech firm says the regulatory approval will allow…