Payments company PayPal has said it intends to temporarily stop cryptocurrency purchases in the United Kingdom until early 2024, Reuters reported on Wednesday.
According to the company, the decision has been made due to stricter rules by the country’s financial regulator, the Financial Conduct Authority (FCA).
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Recall the UK plans introduce this year a new financial services law to regulate crypto assets.
In spite of this, those users who have previously bought cryptocurrencies through their PayPal account are free to keep them on the platform or sell them.
However, they will not be able to make any new purchases on the platform starting 1 October.