PAYPAL TEMPORARILY HALT CRYPTOCURRENCY SALES FOR UK CUSTOMERS

Online payment giant PayPal is making changes to its platform in the UK so that it is in line with local financial legislation. In order to comply with new rules, PayPal notified on August 16 that it is temporarily halting the capacity for its U.K. clients to acquire cryptocurrencies.

A spokesperson for PayPal UK stated:

“PayPal customers who currently hold crypto can keep it on our platform at no charge and are also able to sell their currency at any time.”

PayPal said in an email to certain of its U.K. clients that it will temporarily ban crypto sales on October 1, 2023, and aims to restart it in early 2024.