Revolut to stop crypto services for U.S. customers

Revolut to stop crypto services for U.S. customers

Good morning FinTech Fanatic,

Let’s start with some news from my hometown. First we go back to April this year, when Amsterdam-based neobank Bunq announced their ambitious plans to apply for a US banking license.

Bunq is hardly the only European neobank to eye the U.S. in recent years. The crowded market, however, has presented challenges for new players, which face stiff competition from traditional banks as well as other U.S.-based challenger banks.

Bunq’s decision to attempt for a U.S. bank charter instead of partnering with a traditional bank, made some eyebrows raise. Still it is seen as a move ’more closely aligned with the neobank’s mission’, according to Bunq-CEO Ali Niknam.

At Bunq we’d rather do things right than rush things,” Niknam told Bankingdive. “And for us to be able to deliver the user experience that we want to deliver, we need to have end-to-end control on the entire chain. And the only way for us to be able to do that is by having our own bank.”

The FinTech has taken the same approach in The Netherlands, where it secured a banking license in 2012.

Very interesting to keep following road to the US, something I will definitely do!

Revolut to Shutter US Crypto Operations

Another neobank, another topic; London-based FinTech Revolut will stop allowing U.S. customers to access cryptocurrencies, the company said in a statement last Friday.

From September 2, Revolut will suspend its cryptocurrency services in the U.S., with complete access disabled from October 3.

According to a spokesperson of Revolut the decision to shut US Crypto operations is due to 'Regulatory Environment’: “As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the U.S.”.

Revolut said the move impacts less than 1% of Revolut's crypto customers globally.

I wish you the best week ahead and please find the other FinTech news listed below:


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