PayPal to pause UK crypto sales from October for at least 3 months

PayPal, the global payments giant, will pause cryptocurrency sales in the United Kingdom for a minimum of three months starting October 1, as part of the company’s response to the new regulations introduced by the Financial Conduct Authority (FCA).

Fast facts

• PayPal’s U.K.-based customers will still be able to hold and sell their existing digital assets, despite the pause on crypto sales, PayPal said in an email to its users.
• The decision came as a response to the FCA’s new regulations that will go into effect starting October, requiring clearer risk disclosures for crypto companies as well as a 24-hour grace period for customers to reconsider their investments.
• PayPal said it expects to re-enable crypto purchases in early 2024.
• Outside the U.K., the fintech firm continues expanding its digital asset services. Last week, it launched PayPal USD, a U.S. dollar-backed stablecoin on Ethereum.

Author profile

Zoltan is a writer at Forkast with a deep passion for storytelling and blockchain. Prior to joining the team, he worked as a marketing and content writer, focused on software and technology. Zoltan holds a master’s degree from the Ludwig Maximilian University of Munich and is interested in the future of global financial decentralization.

zoltan.vardai@forkast.studio @ZVardai

Editor profile

Yohan Yun

Yohan is an Assignment Editor at Forkast and has worked as an assistant reporter covering stories in Asia for media publications such as Bloomberg BNA and Forbes, on topics related to Korea-US FTA, technology, environment, 2017 tax legislation amendments.

yohan.yun@forkast.news @hyoseopyun Yohan Yun