Why does PayPal halt cryptocurrency sales?
The Monetary Conduct Authority has released new regulations that require cryptocurrency businesses to include “clear risk warnings” and a 24-hour cooling-off period before allowing customers to invest their money in crypto property.
PayPal claims that it is “deeply committed” to abiding by the aforementioned rules, and as a result, it has the right to temporarily halt the sale of cryptocurrencies in the United Kingdom while the necessary adjustments are made.
This statement comes just one day after the net fund’s company said that on September 27th, Alex Chriss will succeed Dan Schulman as its Chief Government. Shares have lost approximately 20% so far this month.
When will PayPal start selling cryptocurrency again?
When it comes to resuming cryptocurrency sales on its platform, PayPal was vague in its response. Customers were currently only informed in a message that they will be enabled again in the early part of 2024.
Therefore, it is reasonable to assume that the halt will last for at least three months given that it starts on October 1. However, according to the digital money giant, consumers will be able to maintain and market their crypto assets on the site during this time.
Be aware that PayPal is planning to introduce PYUSD in the upcoming weeks. Paxos Belief Company will issue PayPal USD, the company’s own stablecoin, whose value will be tied to the US dollar (learn more).