PayPal Will Suspend Crypto Transactions in UK Until Next Year

PayPal launched in 2020 its own digital currency trading platform, introducing a stablecoin pegged to the US dollar.

However, the company has announced on the eve of its decision to suspend operations with Bitcoin in the UK.

As of October 1, 2020, the option to buy and sell the cryptocurrency via PayPal will no longer be available, although users are still able to store the digital asset on the platform.

The suspension will last until the beginning of 2024, following the emergence of new rules for the operation of crypto companies, developed by the UK Financial Conduct Authority (FCA).

The FCA ordered cryptocurrency services to strengthen security measures, but only 13% of 291 companies were able to register on the UK market.

The rest were given additional time to meet the requirements.