Starting from October 1, PayPal will temporarily stop selling cryptocurrencies to its U.K. customers for at least three months.
This is PayPal’s way of complying with the new rules from the FCA, the financial regulator in the U.K.
The new rules, which will take effect in October, aim to protect crypto investors by requiring more transparent risk warnings and a cooling-off period of 24 hours.
PayPal assured its users that they can still hold and sell their existing digital assets during the pause.
The company plans to resume crypto sales in the U.K. by early 2024, according to an email it sent to its customers.
PayPal added in the statement that, “We’re taking this measure in response to new rules enacted by the U.K. Financial Conduct Authority (FCA) that require crypto firms to implement additional steps before customers can purchase crypto.”