PayPal is going to stop its services in UK till the year 2024 Why?

PayPal is going to stop its services in UK till the year 2024 


137 Listen to this article Payments behemoth PayPal announced on Wednesday that it would temporarily halt the purchase of crypto […]

Latest News

Listen to this article

Payments behemoth PayPal announced on Wednesday that it would temporarily halt the purchase of crypto in the United Kingdom until early 2024 due to tougher regulations by the nation’s financial authority. Customers that have previously bought cryptocurrency assets using their PayPal accounts can maintain such assets on the website or sell them at any moment, according to the business. But as on October 1, you won’t be able to make any new purchases.

PayPal announced on August 14 that it would temporarily halt its crypto-buying services in the United Kingdom in the upcoming months in an email to a restricted group of subscribers. The program will be suspended starting on October 1, 2023, and will come back at an undisclosed time in early 2024, according to that statement.

PayPal stated that users are going to be able to maintain and sell their cryptocurrency throughout the service disruption, even though buying will not be possible. Although it seems this service is currently only accessible to customers in the U.S., the business did not specify whether individuals will be able to make transfers of cryptocurrency to various different wallets and exchanges.

Users were reassured by the corporation that retaining their cryptocurrency is free of charge and that it is still secure. It expressed regret for upsetting its customers.

Read Also: Binance stops accepting new UK customers effective today

The change in services

PayPal announced that it is halting cryptocurrency purchases as a result of the Financial Conduct Authority’s (FCA) new restrictions. It claimed that in order to comply with those regulations, it would have to “implement additional steps before users can purchase crypto.”

Read Also:  Blackberry Cybersecurity Division Identifies Top Crypto Malware Amid Soaring Digital Asset Attacks

Which rules are at issue is not specified by the corporation. Although the timeframe for this rule’s implementation in September does not appear to coincide with PayPal’s October service shift, the U.K. will start enforcing a Crypto Travel Regulation in September 2023 that obliges cryptocurrency providers to gather data about parties who participate in transactions.

In an effort to regulate how cryptocurrency can be advertised or promoted to potential investors, the FCA also recently unveiled new promotional regulations. Although they are set to take effect in October, these regulations do not appear to be user-focused as described by PayPal. Due to the reality that the corporation is increasing its crypto products in the United States, PayPal’s reduced U.K. services stand out.

Read Also: 6 Steps How to Buy Ethereum with Paypal?

In response to new regulations adopted by the U.K. The Financial Conduct Authority (FCA), which demands that crypto firms execute additional measures before users may purchase crypto, PayPal announced in a statement that it is taking this action. On September 1, the Financial Conduct Authority (FCA), the nation’s financial watchdog, is anticipated to announce harsher regulations for cryptocurrency, which will now be categorized as limited mass market assets.

According to PayPal, we are steadfastly dedicated to upholding our compliance duties, and we regularly collaborate closely with regulators across the globe to follow the laws and regulations that are in effect in the financial markets in which we do business. On August 7, the business announced that it would launch its own USD stable coin. Later, a PayPal executive stated that DeFi might make heavy use of the stablecoin. According to some sources, the business is integrating its services into a Cryptocurrency Hub.

Read Also:  The Defining Battle: How Coinbase's Clash with the SEC Could Shape the Future of Crypto Tokens

In recent weeks, PayPal has increased its presence in the cryptocurrency space, particularly in the US. The company’s recent introduction of a stable coin, PayPal USD (PYUSD), that the global payments leader announced earlier this month, is the most significant advance.

Read Also: What is PayPal USD, How it Works, its Uses and Features


Does PayPal work in the UK?

The PayPal services taht are indeed accessible in the UK. It is exclusively accessible to qualified UK citizens and became available to personal clients in October 2003.

Is PayPal UK safe to use?

In order to keep your personal details private, we employ anti-fraud technology and data encryption around-the-clock. Additionally, we can refund the price if a qualifying item doesn’t show up or doesn’t fit the original description.

Does PayPal support the trade of cryptocurrencies?

Bitcoin can be purchased, sold, held, and transferred between accounts of PayPal with ease. However as discussed in the article above, there can be changes in the UK based on the new releases.

Is PayPal supported on Binance UK?

PayPal deposits on Binance’s P2P trading platform are not supported. As a result, investors are presently unable to deposit any fiat money into their Binance accounts via PayPal. Bybit is the best substitute that presently accepts PayPal deposits.

Can you transfer cryptocurrency from PayPal to an alternative UK wallet?

PayPal allows the transfer of cryptocurrency to external wallets and other PayPal users, however there are greater costs than on the majority of cryptocurrency exchanges.

You Might Also Like

Read Also:  Hong Kong Police Probe: JPEX Crypto Trading Partially Suspended
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

Would love your thoughts, please comment.x
Scroll to Top
Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase Tether’s TON Blockchain Entry Reaches $60M: CEO Content SHIB News: 700M Tokens Burned, Shiba Inu Targets $0.00004 Polkadot Relay Chain Upgrade Plan and 10M DOT Prize Initiative TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt