PayPal UK suspends cryptocurrency sales until 2024 – Forbes

Payments company PayPal will stop allowing UK customers to buy cryptocurrencies through its platform from October as it complies with new rules on cryptocurrency promotions.

The British financial regulator is expected to implement stricter rules to control how cryptocurrency companies are advertised to British consumers.

PayPal is “temporarily suspending” customers’ ability to buy cryptocurrencies starting October 1 as it complies with new regulations that take effect on October 8, customers were told on Tuesday (15). The company said it expects to resume operations “in early 2024.”

“PayPal continues to work closely with regulators around the world to comply with applicable rules and regulations in the markets in which we operate,” the company told customers in an email, a copy of which was shared with Reuters.

Customers can hold and sell their cryptocurrencies “at any time,” the company said.

The news was previously reported by media specializing in crypto assets, including CoinJournal.

PayPal first introduced buying and selling cryptocurrencies in the UK in 2021.

After the collapse of several crypto firms last year, including FTX, regulators around the world are increasingly looking to regulate crypto assets, leaving amateur investors with heavy losses.