bitcoin
Bitcoin (BTC) $ 95,242.52 1.82%
ethereum
Ethereum (ETH) $ 3,267.26 2.29%
tether
Tether (USDT) $ 0.999329 0.09%
xrp
XRP (XRP) $ 2.21 0.65%
bnb
BNB (BNB) $ 649.07 1.15%
solana
Solana (SOL) $ 178.64 0.92%
dogecoin
Dogecoin (DOGE) $ 0.312415 1.96%
usd-coin
USDC (USDC) $ 0.999011 0.13%
staked-ether
Lido Staked Ether (STETH) $ 3,265.45 2.10%
cardano
Cardano (ADA) $ 0.88156 1.54%
Blog

PayPal UK to halt Bitcoin purchases until early 2024

PayPal will temporarily halt crypto purchases in the United Kingdom starting from Oct. 1, 2023, expecting to re-enable the service in early 2024.

PayPal UK to halt Bitcoin purchases until early 2024

Cryptocurrency-friendly payments platform PayPal is making some crypto adjustments on its platform in the United Kingdom to comply with local financial regulations.

PayPal is temporarily pausing the ability for its U.K. customers to buy cryptocurrencies like Bitcoin (BTC) as it works to comply with new regulations, the firm told Cointelegraph on Aug. 16.

“PayPal customers who currently hold crypto can keep it on our platform at no charge and are also able to sell their currency at any time,” a spokesperson for PayPal UK noted.

In an email to select U.K. customers, PayPal said that it will temporarily halt cryptocurrency purchases in the U.K. starting from Oct. 1, 2023. “We expect to re-enable crypto purchases in early 2024,” PayPal added.

PayPal said it decided to take this measure in response to new rules enacted by the U.K. Financial Conduct Authority (FCA) which require crypto firms to adopt some additional steps before clients can buy cryptocurrency.

“While we work to satisfy these new regulations, you won’t be able to buy crypto using PayPal,” the announcement reads.

PayPal will ‘pause’ crypto purchases in UK pic.twitter.com/NPkj7F61cC

— Crypto Crib (@Crypto_Crib_) August 16, 2023

PayPal has been emerging as a major cryptocurrency-friendly platform in recent years. One of its latest crypto-related efforts is the launch of PayPal USD (PYUSD) stablecoin in early August. The firm subsequently introduced the new cryptocurrency hub feature on its interface. PayPal originally debuted cryptocurrency services in the United States in late 2020.

Related: PayPal to roll out Cryptocurrencies Hub for select users

The news comes soon after the FCA reported that only 13% of total 291 crypto license applicants have been registered with the authority since 2020. Last month, the FCA also announced that all crypto asset firms must ensure that their marketing strategies are compliant with financial promotions regime in the U.K. by October 2023.

Big Questions: Did the NSA create Bitcoin?

Related Posts
California-gov.-newsom-vetoes-crypto-licensing-and-regulatory-framework
Cointelegraph Feed

California Gov. Newsom vetoes crypto licensing and regulatory framework

Opposing Assembly Bill 2269, Newsom recommended a “more flexible approach” that would evolve over time while considering the safety of consumers and related costs. 410 Total views 20 Total shares Adding to the existing regulatory hurdles for the crypto ecosystems, California Governor Gavin Newsom refused to sign a bill that would establish a licensing and…
17-factors-to-consider-when-evaluating-a-potential-web3-partnership
Cointelegraph Feed

17 factors to consider when evaluating a potential Web3 partnership

When considering Web3 partnerships, the background and perspective of the evaluator may lead to blind spots. Traditional companies and investors may know the business fundamentals and financial metrics to examine but be unclear on industry-specific “must-haves” such as necessary tech capabilities and a committed fan base. Industry insiders, on the other hand, may be impressed…
Draft-of-india’s-national-dlt-strategy-calls-for-state-run-digital-rupee
Cointelegraph Feed

Draft of India’s National DLT Strategy Calls for State-Run Digital Rupee

A draft of India’s national strategy on blockchain and distributed ledger technology suggests a central bank digital currency (CBDC), the digital Indian rupee, and a national blockchain.The National Institute for Smart Governance (NISG), a non-profit public body incorporated by the government of India, has published a draft document on the country’s national blockchain strategy. Issued…
Us-congress-considers-blockchain-based-voting-amid-covid-19
Cointelegraph Feed

US Congress Considers Blockchain-Based Voting Amid COVID-19

The United States Congress is contemplating developing a blockchain-based system to allow remote Senate voting. 237 Total views 8 Total shares A staff memo has revealed that the U.S. Congress is considering blockchain technology as a means for the Senate to conduct remote voting amid the coronavirus pandemic.The report states that blockchain may be deployed…
Euler-finance-opens-redemptions-after-hacker-returns-funds
Cointelegraph Feed

Euler Finance opens redemptions after hacker returns funds

The Ethereum lending protocol was exploited in a $197 million flash loan attack in March. 774 Total views 1 Total shares Own this piece of history Collect this article as an NFTOn April 12, Ethereum-based noncustodial lending protocol Euler Finance announced that it would open redemptions after hackers returned the vast majority of assets stolen…
Deloitte-integrates-blockchain-for-digital-credentials
Cointelegraph Feed

Deloitte integrates blockchain for digital credentials

The credential wallet will be provided as a browser extension and customers will be able to set it up without any prior knowledge of blockchain. 56 Total views 1 Total shares Own this piece of history Collect this article as an NFTBig Four accounting firm Deloitte has integrated blockchain technology to enable its customers to…
Loading data ...
Comparison
View chart compare
View table compare
Back To Top