# PayPal to halt UK crypto sales until 2024
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-08-17
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: PayPal to halt UK crypto sales until 2024
Meta Description: PayPal to stop allowing UK customers to buy cryptocurrencies from October due to new regulations. Customers can hold and sell crypto. Regulators seek to limit
URL: https://financedigest.com/paypal-to-halt-uk-crypto-sales-until-2024html

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# PayPal to halt UK crypto sales until 2024

By Elizabeth Howcroft

LONDON (Reuters) – Payments giant PayPal will stop allowing UK customers to buy cryptocurrencies through its platform from October as it works to comply with new rules on crypto promotions.

Britain’s financial regulator is due to bring in tougher rules to limit how crypto is advertised to British consumers, including requiring crypto firms to carry warnings about the risk and scrapping “refer a friend” bonuses.

PayPal will “temporarily pause” the ability for customers to [buy crypto](https://www.financedigest.com/binance-plans-to-buy-rival-ftx-in-bailout-as-crypto-market-crumbles.html "Binance plans to buy rival FTX in bailout as crypto market crumbles") on its platform from Oct. 1 as it works to satisfy the new regulations, which come into effect on Oct. 8, it said in an email to customers on Tuesday. It said it expects to re-start in “early 2024”.

PayPal consistently works closely with regulators [around the world](https://www.financedigest.com/what-a-5-note-will-buy-you-around-the-world.html "What a £5 note will buy you around the world") to adhere to applicable rules and regulations in the markets in which we operate,” it told customers in the email, a copy of which it shared with Reuters.

It said customers could [hold and sell](https://www.financedigest.com/orban-tightens-hold-over-telco-sector-as-vodafone-sells-hungarian-unit.html "Orban tightens hold over telco sector as Vodafone sells Hungarian unit") their crypto “at any time.

The news was earlier [reported by crypto media](https://www.financedigest.com/finland-sweden-to-begin-nato-application-in-may-say-local-media-reports.html "Finland, Sweden to begin NATO application in May, say local media reports") outlets including CoinJournal.

PayPal first launched crypto buying and selling in the UK in 2021.

Regulators around the world are increasingly seeking to regulate crypto assets, after the collapse of several crypto firms including FTX [last year left amateur investors with large losses](https://www.financedigest.com/last-hope-eager-germans-are-prepared-to-pay-for-weight-loss-drug.html "“Last hope”: Eager Germans are prepared to pay for weight-loss drug").

After token prices slumped dramatically last year, the [price of top](https://www.financedigest.com/hsbc-ups-price-targets-on-greek-banks-with-eurobank-piraeus-top-picks.html "HSBC ups price targets on Greek banks, with Eurobank, Piraeus top picks") cryptocurrency bitcoin has gradually recovered, up around 76% so far this year. Still, its [price is at less than half](https://www.financedigest.com/wework-rival-iwgs-half-year-profit-surges-on-high-demand-improved-pricing.html "WeWork rival IWG’s half-year profit surges on high demand, improved pricing") of the all-time high reached in November 2021.

Earlier this month, PayPal’s [shares got a boost](https://www.financedigest.com/energy-stocks-boost-european-shares-ahead-of-ecb-minutes.html "Energy stocks boost European shares ahead of ECB minutes") when it announced that it has launched a U.S. dollar stablecoin – a kind of cryptocurrency designed to [keep a constant price](https://www.financedigest.com/food-inflation-tight-grain-oilseed-supplies-to-keep-prices-elevated.html "Food inflation: Tight grain, oilseed supplies to keep prices elevated") by being pegged to a stable asset.

(Reporting by Elizabeth Howcroft; Editing by Bernadette Baum)


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