PayPal to pause its crypto service in the UK

PayPal go temporarily close his service allowingbuy crypto-currencies to its British customers in order to comply with new rules of the FCA.

The payment giant PayPal has announced the closure next sound crypto service at United Kingdomreported Wednesday Reuters. A decision justified by the introduction of new rules by the british financial regulator FCA.

PayPal is working hard to comply with the new regulations, which come into force on October 8,” reads an e-mail sent to its UK users.

Its UK service will be cut off on October 8until “early 2024”.

The multinational enables its customers based in United States, United Kingdom and more recently LuxembourgFor several years now, our customers have been able to buy cryptocurrencies via their PayPal accounts.

PayPal works closely with regulators around the world to comply with applicable rules and regulations in the markets in which we operate,” she added.

In early August, PayPal launched its long-awaited stablecoin on Ethereum. PYUSD. Earlier this week, Ledger announced an alliance with the fintech to integrate its solution into its crypto-buying service.

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Following the FTX scandal, the United Kingdom wants to protect crypto investors more and is moving towards fairly strict regulation, following the EU’s lead with MiCA.

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