Global payments giant PayPal, which recently launched its stablecoin PYUSD, has made an important decision for the UK.
According to the news of Cointelegraph, complying with the regulations in the UK has made some changes to its platform in the country.
At this point, PayPal announced that it is temporarily pausing the service for its UK customers to purchase cryptocurrencies such as Bitcoin (BTC).
PayPal said in an email to customers that it will temporarily suspend cryptocurrency purchases in the UK from October 1, 2023.
“We are taking a break from cryptocurrency purchases in the UK.
From October 1, 2023, PayPal will temporarily stop UK customers from purchasing crypto on our platform.
We hope to re-enable crypto purchases in early 2024.
Although no purchase service is provided, our customers can keep their crypto on the platform for free and sell it at any time.
We are taking this action in line with new rules enacted by the FCA that require crypto companies to take additional steps before customers can buy crypto.
PayPal continually works closely with regulators around the world to comply with applicable rules and regulations in the markets in which we operate.
We apologize for this inconvenience. “
*Not investment advice.
