Paypal has announced that it will temporarily suspend cryptocurrency purchases for its UK customers from October 1, 2023, with plans to restart the service in early 2024.
However, it is important to note that even during this period, users can hold their cryptocurrency in Paypal and are free to sell their digital assets at any time.
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Paypal temporarily halts cryptocurrency purchases in the UK
Paypal users in the UK will note that they will not be able to purchase cryptocurrency after October 1, 2023.
This is a temporary measure, as is one in message UK customers have been told it will run until early 2024, and the company has assured them of the following:
“We expect to reactivate the option to buy cryptocurrency in early 2024.”
PayPal will temporarily stop cryptocurrency purchases in the UK 🇬🇧 pic.twitter.com/NPkj7F61cC
– Crypto Crib (Crypto_Crib_) August 16, 2023
This new development comes on the heels of Paypal’s introduction of a stablecoin called PYUSD, which is pegged to the value of the US dollar.
Looking at the timeline, Paypal launched its crypto services in the UK in August 2021, with a full launch in September.
From that moment on, users can trade in four different digital currencies.
What is behind the temporary break?
Paypal cites “new rules” introduced by the UK’s Financial Conduct Authority (FCA) that require companies offering cryptocurrency to take additional steps before making a purchase.
The digital payment giant explained in detail:
“While we work to comply with the new rules, you will not be able to purchase cryptocurrency through Paypal.”
Noting that it strictly adheres to the regulatory framework, PayPal added:
“Strict compliance with regulations remains a top priority for us, and PayPal regularly cooperates with authorities to comply with rules and regulations in markets around the world.”
Although the email doesn’t mention an exact restart date, Paypal has expressed regret for any potential inconvenience.
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The company has assured its customers in the UK that it will notify them as soon as the service becomes available again so they can go back to buying cryptocurrency.
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