PayPal Pauses UK Crypto Sales Until 2024 Amid Regulatory Changes
- Leading fintech company, PayPal, has announced a temporary pause on cryptocurrency sales in the UK, starting from October 8th, 2024.
PayPal has decided to temporarily halt all cryptocurrency sales for its UK customers starting October 8th, 2024, as a response to new regulations surrounding the promotion of crypto assets. The Financial Conduct Authority, the regulatory body, will be implementing stricter rules on how these assets are advertised to the UK consumer.
These new rules will require cryptocurrency firms to include risk warnings in their advertisements and cease offering referral bonuses to customers, among other restrictions.
PayPal said it will ‘temporarily pause’ the ability for customers to buy crypto on its platform from 1 October
In an email sent to customers, PayPal stated that it is committed to working closely with regulators globally to comply with relevant rules and regulations in all the markets it operates in. It reassured customers that they will still be able to hold and sell their cryptocurrencies at any time.
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
