In response to new regulations on crypto promotions, PayPal will temporarily pause crypto sales in the UK from October 2023 until early 2024. This move comes as Britain’s financial regulator imposes stricter rules on how cryptocurrencies are advertised and promoted to consumers. The regulations include mandatory risk warnings and the discontinuation of referral bonuses.
Increasing Regulatory Scrutiny amid Crypto Market Recovery
The decision by PayPal, a leading payments giant, underscores the increasing regulatory scrutiny faced by the crypto market. Regulators around the world are seeking to impose stricter controls on crypto assets following the collapse of several firms last year, resulting in significant losses for amateur investors. While the price of bitcoin has shown gradual recovery this year, it remains below its all-time high in November 2021.
“PayPal’s temporary halt of UK crypto sales reflects the growing regulatory scrutiny facing the market. ”
Impact on UK Crypto Market: Exploring Alternative Avenues for Transactions
PayPal’s move is expected to impact the UK crypto market, limiting access to buying cryptocurrencies through its platform. As the industry adapts to the evolving regulatory landscape, market participants will need to navigate these changes and explore alternative avenues for crypto transactions.
Read more here at https://www.reuters.com/technology/paypal-halt-uk-crypto-sales-until-2024-2023-08-16/
