Share Tweet Post Share Post Email PayPal stated in an email to select users on Aug. 14 that it will temporarily pause crypto buying services in the U.K. in the coming months. That message states that the service will be paused starting on Oct. 1, 2023, and will resume at an unspecified date in early 2024. Though buying will be unavailable, PayPal said that users will be able to hold and sell their cryptocurrency during the service disruption. The company did not state whether users will be able to transfer cryptocurrency to other wallets and exchanges, though it appears that this feature is only available to users in the U.S. at present. The company assured users their crypto remains safe and said holding will not incur a charge. It apologized for the inconvenience to customers. U.K. rules require updated compliance PayPal said it is pausing crypto purchases due to introducing new rules from the U.K. Financial Conduct Authority (FCA). It said that those rules will require it to “implement additional steps before customers can purchase crypto.” The company did not specify which rules are concerned. The U.K. will begin to enforce a Crypto Travel Rule in September 2023 that requires crypto companies to collect information about parties involved in transactions, though this rule’s September deadline does not seem to line up with PayPal’s October service change. The FCA also recently introduced new promotional rules that aim to control how crypto can be promoted or advertised to potential investors. These rules come into effect in October but do not seem to match PayPal’s description of user-focused requirements. PayPal’s reduced U.K. services are particularly notable due to the fact that the company is expanding its crypto offerings in the United States. The company said that it would offer its own USD stablecoin on Aug. 7. Later, one PayPal executive suggested that the stablecoin could see extensive use in DeFi . Other reports suggest the company is combining its features into a “Cryptocurrency Hub.” Posted In: U.K. , Exchanges , Payments , Regulation Author Mike Dalton Journalist at CryptoSlate Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast. Editor Jacob Oliver Editor / Reporter at CryptoSlate Jacob Oliver is a recovering academic and English teacher who went down the crypto rabbit hole in 2017 after recognizing the technology's potential. Latest Report Jobs, food, and oil: The key drivers that could re-accelerate inflation CryptoSlate's latest market report dives deep into the potential forces that will most likely keep inflation rising in the coming months. Andjela Radmilac · 2 days ago Latest PayPal Stories PayPal aiming for DeFi push after stablecoin launch – SVP Blockchain, crypto Technology 2 days ago 1 min read Circle says competition from PayPal and others is ‘great to have’, reports $1B in cash Stablecoins 5 days ago 2 min read Rep. Maxine Waters criticizes PayPal’s stablecoin, demands regulation on par with financial institutions Regulation 6 days ago 1 min read Press Releases // View All Advertise Here Merkel Tree-based Proof of Reserves Data released with New Assets stUSDT and stETH Chainwire 7 hours ago Ethcon Korea 2023: The Ethereum Developer Conference and Hackathon, Now Open for Registration Chainwire 11 hours ago Go!Labs Empowers Global Change Through AI-Powered Engagement and Community Challenges Chainwire 24 hours ago Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.