The British fintech company Revolut has temporarily suspended all cryptocurrency services in Hungary in response to the government's ban on crypto transactions.
Revolut Response on Frozen Crypto Accounts in Hungary
Revolut announced the temporary suspension of all crypto services in Hungary on July 7. Users of Revolut in the country had to stop all cryptocurrency transactions, leading to a surge in customer inquiries. On July 9, the company issued an official update confirming the suspension and addressing concerns from affected users.
When Will Revolut Continue its Services?
Existing accounts of Revolut users will not be affected by this change, and they can continue using their usual accounts. All funds and crypto assets will remain safe and secure. However, Revolut has not mentioned specific dates for resuming new crypto account openings. The company stated: "We plan to take on new crypto customers as soon as we receive our MiCA licence. Although we can’t give an exact date yet, we’re working closely with regulators to complete the process as quickly as possible."
Revolut Progress in MiCA License
Revolut and its Cyprus-registered subsidiary are actively working on obtaining a MiCA license to continue operations under high regulatory standards. The company promises to keep customers informed about regular updates and further information from MiCA.
The initial notifications from Revolut regarding the suspension of accounts created concerns among customers in Hungary. However, the company’s official response has provided some assurances regarding the safety of their assets.
