According to a notice sent by PayPal to its customers in the UK, the payment service will temporarily prevent them from buying cryptocurrencies through the platform. However, users will be able to store their crypto assets in the PayPal ecosystem and sell them if they wish.
The temporary measures are linked to new UK Financial Conduct Authority (FCA) rules that require digital asset companies to comply with marketing content requirements. Once these additional measures are in place, UK customers will once again be able to buy cryptocurrencies with PayPal. The company has promised to resume this service in early 2024.
“We are strongly committed to regulatory compliance. PayPal works closely with regulators around the world and is committed to complying with the regulations applicable in the markets where we operate,” PayPal management said in a statement.
In early August, the payments giant announced its own stablecoin for transfers and payments, pegged to the US dollar – PayPal USD (PYUSD). PayPal recently announced the launch of the Cryptocurrencies Hub service for buying, selling and storing cryptocurrencies.
Source: Bits
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