Cryptocurrency-friendly payments platform PayPal is making some crypto adjustments on its platform in the United Kingdom to comply with local financial regulations.
PayPal is temporarily pausing the ability for its U.K. customers to buy cryptocurrencies like Bitcoin (BTC) as it works to comply with new regulations, the firm told Cointelegraph on Aug. 16.
“PayPal customers who currently hold crypto can keep it on our platform at no charge and are also able to sell their currency at any time,” a spokesperson for PayPal UK noted.
In an email to select U.K. customers, PayPal said that it will temporarily halt cryptocurrency purchases in the U.K. starting from Oct. 1, 2023. “We expect to re-enable crypto purchases in early 2024,” PayPal added.
PayPal said it decided to take this measure in response to new rules enacted by the U.K. Financial Conduct Authority (FCA) which require crypto firms to adopt some additional steps before clients can buy cryptocurrency.
“While we work to satisfy these new regulations, you won’t be able to buy crypto using PayPal,” the announcement reads.
PayPal has been emerging as a major cryptocurrency-friendly platform in recent years. One of its latest crypto-related efforts is the launch of PayPal USD (PYUSD) stablecoin in early August. The firm subsequently introduced the new cryptocurrency hub feature on its interface. PayPal originally debuted cryptocurrency services in the United States in late 2020.
Donald Trump has reignited his row with London mayor Sir Sadiq Khan after calling him a “nasty person” who has done “a terrible job”.
During an hour-long news conference with Sir Keir Starmer in Scotland, the US president hit out at the Labour mayor, who has responded with his own snipey remarks.
Asked if he would visit London during his state visit in September, Mr Trump said: “I will, I’m not a fan of your mayor, I think he’s done a terrible job.
“A nasty person, I think.”
The prime minister then interrupted and said: “He’s a friend of mine.”
But the president added: “I think he’s done a terrible job but I will certainly visit London, I hope so.”
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Sir Sadiq’s spokesperson then released a statement saying: “Sadiq is delighted that President Trump wants to come to the greatest city in the world.
“He’d see how our diversity makes us stronger not weaker; richer, not poorer.
“Perhaps these are the reasons why a record number of Americans have applied for British citizenship under his presidency.”
Image: Sir Sadiq Khan was knighted in June. Pic: PA
They noted that Sir Sadiq has won three mayoral elections, including when Mr Trump lost the US election in 2020.
This is not the first time Mr Trump and Sir Sadiq have locked horns.
Sir Sadiq then described Mr Trump as a “poster boy for racists”.
And in November 2024, after Mr Trump won his second term, Sir Sadiq said many Londoners would be “fearful” about what it would “mean for democracy”.
However, as Sir Keir tried to show diplomacy with Mr Trump after becoming PM, Sir Sadiq said he “wanted to work closely with the American president” ahead of his inauguration in January.
The London mayor said as somebody “who believes in democracy, and voting and elections, we should recognise the fact that Donald Trump is the elected president of the United States”.
But he added: “Let’s keep our fingers crossed that this president is different from the last time he was president.”
The SEC delayed decisions on the Truth Social Bitcoin ETF and Grayscale’s Solana Trust, extending review periods as the US Congress moves with crypto regulation.
The US House of Representatives will be in recess for the month of August, but the Senate still has a week of business to address two crypto bills before breaking.