Revolut: Neobank further reduces crypto features

The German crypto division of the neobank Revolut will be temporarily almost completely shut down. As the company announced in an email to customers on Monday, there will be no more cryptocurrency staking for the time being.
Crypto transfers between app users are also restricted, and deposits are no longer accepted. Revolut had already partially suspended its crypto services in September, and since September 29, the purchase of Bitcoin and other cryptocurrencies has been unavailable.
The email, dated October 6, states: “You cannot stake crypto or receive staking rewards. You are not eligible for learning rewards. You cannot receive crypto transfers from other Revolut customers. Crypto deposits are not accepted. If you deposit crypto, you will be asked to provide a return address after internal checks.”
The reason for this is likely the EU's MiCA regulation, which stipulates that companies require a Crypto Asset Service Provider (CASP) license to offer crypto services. Revolut is reportedly currently applying for such a license. Then the crypto features could be reactivated.
While the company is closing down here, Revolut is expanding its presence in the US.
As part of the Stuttgart Stock Exchange, the German provider BISON has received a MiCA license. BISON allows you to trade cryptocurrencies like Bitcoin in a fully regulated manner.

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