Paypal to Stop Crypto Purchases in UK

Paypal to Stop Crypto Purchases in UK

UKRegulationBank

By Miles

16 Aug 2023 (10 months ago)

1 min read

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Due to new UK rules, PayPal will stop crypto purchases from October until 2024. Current users can keep or sell their crypto.

PayPal will stop allowing people in the UK to buy crypto starting in October until 2024. This is because of new rules from the UK's financial watchdog.

People who already bought crypto using PayPal can keep or sell it. But from October 1, they can't buy more.

PayPal said this change is because of new rules from the U.K. Financial Conduct Authority (FCA). The FCA is making the rules for buying crypto stricter from September 1.

PayPal wants to always follow the rules and works closely with financial authorities.

In the US, PayPal is doing more with crypto. They recently introduced a new type of digital money called PayPal USD (PYUSD).

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