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PayPal says its users in the United Kingdom will temporarily lose the ability to buy cryptocurrencies<\/a> via its platform from October 1st<\/sup>.<\/p>\n The Financial Conduct Authority has recently announced new rules that make it mandatory for crypto companies to institute \u201cclear risk warnings<\/a>\u201d as well as a 24-hour cooling-off period before they enable customers to put their money in crypto assets.<\/p>\n According to PayPal, it is \u201cdeeply committed\u201d to complying with the said regulations and will, therefore, suspend crypto sales in U.K. for as long as it takes to make the required changes.<\/p>\n This announcement arrives only a day after the online payments company said Alex Chriss will replace Dan Schulman as its Chief Executive<\/a> on September 27th<\/sup>. Its shares have lost about 20% month-to-date.<\/p>\n PayPal was not specific in divulging when is it likely to resume crypto sales on its platform. What it told customers in a message<\/a> today was only that they will be re-enabled in early 2024.<\/p>\n So, it\u2019s fair to assume that the pause will remain in place for at least three months considering it starts on October 1st<\/sup>. During this time, though, users will be able to hold as well as sell their crypto assets on the platform, as per the digital payments giant.<\/p>\n Note that PayPal is slated to launch PYUSD in the coming weeks. PayPal USD \u2013 its own stablecoin will be issued by Paxos Trust Company and its value will be pegged to the U.S. dollar (find out more).<\/a><\/p>\nWhy is PayPal pausing crypto sales?<\/h2>\n
When will PayPal resume crypto sales?<\/h2>\n