PayPal announced on Wednesday that it is pausing crypto purchases for its UK customers. The company said that the decision was made in order to "navigate the changing regulatory landscape" in the UK.

PayPal first launched crypto buying and selling in the UK in October 2020. The service allowed UK customers to buy and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. However, PayPal said that it will continue to allow UK customers to hold and transfer crypto in their PayPal accounts.

The decision to pause crypto purchases in the UK comes as PayPal is facing increased scrutiny from regulators around the world. In the US, the Securities and Exchange Commission (SEC) is reportedly investigating PayPal's crypto trading platform. And in the UK, the Financial Conduct Authority (FCA) has warned that crypto is a "high-risk investment"