TechFlow news, according to Cryptoslate, PayPal sent an email on August 14 to some users stating that it will temporarily suspend cryptocurrency purchasing services in the UK starting October 1, 2023, with resumption expected in early 2024 (exact date unspecified). This suspension is due to new rules introduced by the UK Financial Conduct Authority (FCA), which require cryptocurrency firms to implement additional steps before customers can buy digital assets. PayPal noted that users will still be able to hold and sell their cryptocurrencies during the service interruption.
It is reported that the UK will begin enforcing the cryptocurrency Travel Rule starting September 2023, requiring crypto firms to collect information about parties involved in transactions, although this September deadline appears inconsistent with PayPal’s October service change. The FCA has also recently introduced new rules governing cryptocurrency advertising and promotions, aimed at regulating how digital assets are marketed to potential investors, with these promotional rules taking effect in October.
