Payment provider PayPal, which has recently come to the fore with its stablecoin, is taking a break from crypto services in the UK. PayPal has announced that it will temporarily suspend digital asset sales in the island nation from October 1, 2023.
Announcing the situation with an e-mail sent to some of its customers at the beginning of the week, the company pointed to the regulations in the country as the reason for the decision. PayPal made this decision to meet the new criteria of the UK Financial Conduct Authority FCA.
Cryptocurrency phenomenon Simon Dixon shared the e-mail message sent by the payment provider on account X.
Calling up the Fed to get permission. https://t.co/fqaC1Dv4rE https://t.co/IiMNIeXxYv
— Simon Dixon (@SimonDixonTwitt) August 15, 2023
According to Dixon’s post, UK resident PayPal users will not be able to buy cryptocurrencies from October 2023, while their storage and selling tools will continue to work. It is not yet clear whether users can transfer their altcoin assets to other exchanges.
The UK will implement new crypto regulations from next month. The island nation’s financial regulators are requesting more information from companies.
The giant payment provider has not been providing services in our country since 2016 due to the political and legal situation.
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