Cryptocurrency Regulation

PayPal UK Pauses Crypto Purchases

CryptocurrencyNews
··1 min read
  • PayPal sent a communication to customers in the UK yesterday informing them that they will pause crypto purchases on its platform for at least three months from October 1.
  • They said that the pause is due to new rules from the Financial Conduct Authority (FCA) and will last until early 2024.
  • Customers can still hold or sell their existing crypto on PayPal during this time.
  • PayPal plans to add new steps to the buying process to meet regulatory requirements.
  • The FCA and Advertising Standards Authority will introduce measures on October 8, including clear risk warnings for crypto and a 24-hour cooling-off period for new customers.
  • Just last week, PayPal announced the launch own USD-backed stablecoin – PayPal USD (PYUSD).
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