{"id":547673,"date":"2023-08-17T19:00:47","date_gmt":"2023-08-17T19:00:47","guid":{"rendered":"https:\/\/ktsl888.com\/?p=547673"},"modified":"2023-08-17T12:12:36","modified_gmt":"2023-08-17T12:12:36","slug":"paypal-and-the-crypto-conundrum-understanding-the-uk-sales-suspension","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/paypal-and-the-crypto-conundrum-understanding-the-uk-sales-suspension\/","title":{"rendered":"PayPal And The Crypto Conundrum: Understanding The UK Sales Suspension"},"content":{"rendered":"
PayPal has announced a temporary suspension of cryptocurrency sales within the United Kingdom for a minimum of three months, commencing on October 1. This decision is in direct response to the recent regulatory reforms introduced by the Financial Conduct Authority, Britain’s financial regulator.\u00a0<\/span><\/p>\n The FCA is set to implement more stringent guidelines aimed at curbing the advertising of cryptocurrencies to British consumers, which includes the mandatory inclusion of risk warnings and the discontinuation of “refer a friend” incentives.<\/span><\/p>\n In an email to customers, <\/span>PayPal UK explained<\/span><\/a> that customers who currently hold cryptocurrency in their PayPal accounts will be able to retain their holdings on the platform without incurring any fees. Furthermore, the option to sell their cryptocurrency at any time will remain available.\u00a0<\/span><\/p>\n PayPal will ‘pause’ crypto purchases in UK \ud83c\uddec\ud83c\udde7 pic.twitter.com\/NPkj7F61cC<\/a><\/p>\n \u2014 Crypto Crib (@Crypto_Crib_) August 16, 2023<\/a><\/p><\/blockquote>\n However, the ability to purchase cryptocurrencies using PayPal will be temporarily suspended during the company’s efforts to ensure compliance with the new regulations set forth by the FCA.<\/span><\/p>\n This move comes against the backdrop of the impending enforcement of the “Travel Rule” in the UK. As of September 1, 2023, all cryptocurrency firms registered under the FCA will be obligated to adhere to the Travel Rule guidelines, a series of crucial Anti-Money Laundering and Know-Your-Customer regulations established by the Financial Action Task Force (FATF). <\/span><\/p>\n This mandate was introduced following governmental amendments to relevant legislation in <\/span>July 2022.<\/span><\/p>\nAdapting To Regulatory Landscape<\/strong><\/h2>\n
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Bitcoin (BTC) is currently trading at $28.525. Chart: TradingView.com<\/a><\/pre>\n
PayPal: Foray In The Crypto Landscape<\/strong><\/h2>\n