PayPal, the global payments giant, will pause cryptocurrency sales in the United Kingdom for a minimum of three months starting October 1, as part of the company’s response to the new regulations introduced by the Financial Conduct Authority (FCA).
See related article: Is PayPal’s new stablecoin a watershed moment for crypto?
Fast facts
- PayPal’s U.K.-based customers will still be able to hold and sell their existing digital assets, despite the pause on crypto sales, PayPal said in an email to its users.
- The decision came as a response to the FCA’s new regulations that will go into effect starting October, requiring clearer risk disclosures for crypto companies as well as a 24-hour grace period for customers to reconsider their investments.
- PayPal said it expects to re-enable crypto purchases in early 2024.
- Outside the U.K., the fintech firm continues expanding its digital asset services. Last week, it launched PayPal USD, a U.S. dollar-backed stablecoin on Ethereum.
See related article: BTC Markets CEO sees silver lining in Australian banks’ crypto clampdown
