PayPal to halt Crypto Sales in the UK until 2024
Payments giant PayPal will stop allowing UK consumers to buy cryptocurrency through its platform from October as it strives to comply with new regulations on crypto marketing. To restrict the way cryptocurrency is sold to British consumers, Britain’s financial authority is expected to enact stricter regulations.
As it works to comply with the new restrictions, which take effect on October 8, PayPal stated in an email to users on Tuesday stated it will temporarily pause the option for consumers to purchase cryptocurrency on its platform starting on October 1. PayPal said it expects to re-start crypto purchases in early 2024.
Also read: Top 3 Crypto Airdrops
Due to the popularity and the risk involved in the crypto market, many countries are making amendments to their regulations to safeguard their people from crypto scams and the increasing collapse of several crypto firms also raise concern.
Also read: Ways to earn free cryptocurrencies
PayPal enters into the Crypto World
PayPal has stepped into the world of crypto space by expanding its crypto services in other countries. PayPal has launched PayPal USD (PYUSD), a U.S. Dollar-denominated stablecoin issued by Paxos. The Fintech giant has introduced a new feature called “Cryptocurrencies Hub” for its elite users. Users are able to buy and sell their crypto assets through this feature. They can convert PYUSD to different crypto assets and vice versa.
The required identifying information for verification is name, physical address, date of birth, and taxpayer identification number.
Features of Cryptocurrencies Hub:
- Buy Crypto Assets
- Hold Crypto Assets
- Sell Crypto Assets, including using the proceeds to pay for purchases through your PayPal account
- Convert between PYUSD and another Crypto Asset
- Send Crypto Assets
- Receive Crypto Assets and
- View market information and educational content.
PayPal supports two types of transactions to send, they are:
- Internal Transfers: A transfer to another PayPal Cryptocurrencies Hub.
- External Transfer: A transfer to a digital wallet outside of PayPal.
PayPal may charge fees in the form of margin (spread) & network fees for cryptocurrency transactions. Users cannot reverse, cancel or change any transaction once it has been authorized.
To know more about the Cryptocurrencies Hub, visit PayPal
Investing in Cryptocurrencies is highly risky due to its volatile market. Do proper research before investing.
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