PayPal to pause UK crypto sales from October for at least 3 months

PayPal will pause cryptocurrency sales in the United Kingdom for a minimum of three months starting October 1.

By Zoltan Vardai2023-08-16 6:13 PM UTC

SAN JOSE, CALIFORNIA – FEBRUARY 02: A sign is posted in front of PayPal headquarters on February 02, 2023 in San Jose, California. PayPal has announced plans to lay off 2,000 employees, nearly 7 percent of its workforce. (Photo by Justin Sullivan/Getty Images)

PayPal, the global payments giant, will pause cryptocurrency sales in the United Kingdom for a minimum of three months starting October 1, as part of the company’s response to the new regulations introduced by the Financial Conduct Authority (FCA).

See related article: Is PayPal’s new stablecoin a watershed moment for crypto?

Fast facts

PayPal’s U.K.-based customers will still be able to hold and sell their existing digital assets, despite the pause on crypto sales, PayPal said in an email to its users.
The decision came as a response to the FCA’s new regulations that will go into effect starting October, requiring clearer risk disclosures for crypto companies as well as a 24-hour grace period for customers to reconsider their investments.
PayPal said it expects to re-enable crypto purchases in early 2024.
Outside the U.K., the fintech firm continues expanding its digital asset services. Last week, it launched PayPal USD, a U.S. dollar-backed stablecoin on Ethereum.