PayPal has been at the forefront of the crypto scene since rolling out its recent stablecoin, PYUSD. However, in the United Kingdom, the situation is different: this payment platform must align with the regulations of the Financial Conduct Authority (FCA), forcing it to temporarily suspend crypto purchases.
PayPal UK temporarily suspends crypto purchases
As PayPal continues to garner crypto attention by launching the PYUSD stablecoin, a divergent situation is looming in the UK. Indeed, PayPal has taken the decision to temporarily suspend crypto purchases on its platform.
In an email yesterday to a selection of UK customers, PayPal announced the temporary pause of crypto purchases from October 1, 2023.
The move comes following the promulgation of new rules by the FCA. With this in mind, the company plans to make adjustments to its crypto infrastructure to comply with current regulations, with the hope of restoring service in early 2024.
Current PayPal UK crypto holders are not left in the dark. They will have the possibility to keep their holdings for free on the platform and can also choose to sell their currencies at any time.
“PayPal customers who currently hold crypto can hold it for free on our platform and can also sell their currency at any time.t,” a PayPal UK spokesperson said.
Adaptation to the new FCA rules!
PayPal UK’s decision stems from new guidelines introduced by the FCA, which impose additional verification measures before customers can acquire crypto. These rules are a continuation of global efforts to strengthen transparency and security in the crypto field.
” While we strive to comply with these new regulations, you will not be able to purchase crypto using PayPal“, reads the ad.
Over the years, PayPal has solidified its role as a major player within the crypto universe. The temporary suspension of bitcoin acquisitions in the UK is part of a series of measures undertaken to adapt to ever-changing regulatory frameworks. Recently, the company launched its stablecoin PayPal USD (PYUSD), and simultaneously introduced the Cryptocurrencies Hub.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
