PayPal will temporarily suspend the ability for UK customers to buy cryptocurrencies on its platform from October 1, 2023, as it works to comply with new regulations from the UK’s Financial Conduct Authority (FCA).
The FCA’s new rules, which come into effect on October 8, 2023, will require crypto firms to provide more information about the risks of investing in cryptocurrencies to their customers. They will also ban the use of “financial promotions” for crypto assets, such as advertising and marketing materials.
PayPal said it is “committed to working with regulators around the world to ensure that we are meeting their requirements.” The company said it expects to resume crypto sales in the UK in early 2024.
