Odaily News - In an email sent to some users on August 14th, PayPal announced that it will temporarily suspend cryptocurrency buying services in the UK starting from October 1, 2023, due to new regulations introduced by the Financial Conduct Authority (FCA). The services are expected to resume in early 2024, but the exact date was not provided.



While the specific rules were not disclosed by PayPal, they mentioned that these rules will require additional steps to be implemented before customers can purchase cryptocurrencies.



Although buying cryptocurrencies will not be possible, PayPal assured users that they will still be able to hold and sell their existing cryptocurrencies during the service interruption. It was not clarified whether users will be able to transfer their cryptocurrencies to other wallets and exchanges, but currently, this feature seems to be limited to US users.



PayPal assured users that their cryptocurrencies will remain secure and holding them will not incur any fees.



It is worth noting that the UK is set to implement the Cryptocurrency Travel Rule in September 2023, which requires cryptocurrency companies to collect information about parties involved in transactions. However, the September deadline for this rule seems to be inconsistent with PayPal's service changes in October. The FCA has also recently introduced new rules for cryptocurrency advertising and promotions, aimed at controlling how cryptocurrencies are marketed to potential investors, which will go into effect in October. (Cryptoslate)