PayPal has announced a temporary suspension of cryptocurrency sales within the United Kingdom for a minimum of three months, commencing on October 1. This decision is in direct response to the recent regulatory reforms introduced by the Financial Conduct Authority, Britain’s financial regulator.
The FCA is set to implement more stringent guidelines aimed at curbing the advertising of cryptocurrencies to British consumers, which includes the mandatory inclusion of risk warnings and the discontinuation of “refer a friend” incentives.
Adapting To Regulatory Landscape
In an email to customers, PayPal UK explained that customers who currently hold cryptocurrency in their PayPal accounts will be able to retain their holdings on the platform without incurring any fees. Furthermore, the option to sell their cryptocurrency at any time will remain available.
PayPal will ‘pause’ crypto purchases in UK