Payments giant PayPal has halted UK consumers to buy cryptocurrency through its platform as of October.
This is as the company strives to comply with new regulations on crypto sector.
To restrict the way cryptocurrency is sold to British consumers, Britain’s financial authority is expected to enact stricter regulations. These regulations would require crypto businesses to carry warnings about the danger and eliminate “refer a friend” bonuses.
As it works to comply with the new restrictions, which take effect on October 8, PayPal stated in an email to clients on Tuesday that it will “temporarily pause” the ability for consumers to purchase cryptocurrency on its platform starting on October 1, according to the statement, “early 2024” is when it plans to resume.
It stated that clients could retain and sell their cryptocurrency “at any time.”
In the UK, PayPal initially introduced cryptocurrency trading in 2021. After the failure of numerous cryptocurrency organisations, like FTX last year, which caused significant losses for novice investors, regulators around the world are stepping up their efforts to control crypto assets.
