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PayPal UK suspends Bitcoin purchases until early 2024

Crypto friendly payment platform paypal making some adjustments for Complies with UK financial regulations.

PayPal temporarily suspends the ability to buy cryptocurrencies like Bitcoin (bitcoin), For UK customersOn August 16, the firm told Cointelegraph that it is working to comply with the new regulations.

“PayPal customers who currently own cryptocurrencies can hold them for free on our platform and sell their currency at any time”said a PayPal UK spokesperson.

In an email to some UK customers, PayPal has announced that it will temporarily suspend cryptocurrency purchases in the UK from October 1, 2023.. “We hope to re-enable cryptocurrency purchases in early 2024”added.

PayPal said it decided to take this step in response to new rules issued by the UK Financial Conduct Authority (FCA) that require crypto companies to take some additional steps before customers can purchase cryptocurrency.

“As we work to meet these new policies, it will not be possible to purchase cryptocurrencies via PayPal”reads the notice.

PayPal to “suspend” cryptocurrency purchases in the UK

—Crypto Bed (@Crypto_Crib_) 16 August 2023

PayPal has established itself as a major crypto-friendly platform in recent years.. One of the most recent cryptocurrency efforts was the launch of the stablecoin PayPal USD (PYUSD) in early August. Later, the company introduced the new crypto hub feature in its interface. PayPal first launched its crypto services in the US in late 2020.

The news came as the UK government was preparing to fully implement the law. “Travel Rule”, an important anti-money laundering law And “Know your customer” It was developed by the Financial Action Task Force (FATF). Effective September 1, 2023, all crypto companies registered with the FCA will have to abide by the Travel Rule, following the government’s instructions. changed Reference legislation in July 2022.

Last month, the FCA also announced that all crypto companies marketing strategies Compliant with the UK Financial Advisory Scheme until October 2023.

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