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.
Ms Sultana also said she was “resigning” from the Labour Party after 14 years.
She was suspended as a Labour MP shortly after they came to power last summer for voting against the government maintaining the two-child benefit cap.
Several others from the left of the party, including Mr Corbyn, were also suspended for voting against the government, and also remained as independent MPs.
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However, Ms Sultana was still a member of the Labour Party – until now.
Mr Corbyn has previously said the independent MPs who were suspended from Labour would “come together” to provide an “alternative.
The other four are: Iqbal Mohamed, Shockat Adam, Ayoub Khan and Adnan Hussain.
Mr Corbyn and the other four independents have not said if they are part of the new party Ms Sultana announced.
In her announcement, Ms Sultana said she would vote to abolish the two-child benefit cap again and also voted against scrapping the winter fuel payment for most pensioners.
Ms Sultana also voted against the government’s welfare bill this week, which was heavily watered down as Sir Keir Starmer tried to prevent a major rebellion from his own MPs.
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On Wednesday, Ms Sultana spoke passionately against Palestine Action being proscribed as a terror organisation – but MPs eventually voted for it to be.
She said to proscribe it is “a deliberate distortion of the law to chill dissent, criminalise solidarity and suppress the truth”.
Ms Sultana said they were founding the new party because “Westminster is broken but the real crisis is deeper – just 50 families now own more wealth than half the UK population”.
She called Reform leader Nigel Farage “a billionaire-backed grifter” leading the polls “because Labour has completely failed to improve people’s lives.
Image: Ms Sultana called Nigel Farage a ‘billionaire-backed grifter’. Pic: PA
The MP, who has spoken passionately about Gaza, added: “Across the political establishment, from Farage to Starmer, they smear people of conscience trying to stop a genocide in Gaza as terrorists.
“But the truth is clear: this government is an active participant in genocide. And the British people oppose it.
“We are not going to take this anymore.”
A Labour Party spokesperson said: “In just 12 months, this Labour government has boosted wages, delivered an extra four million NHS appointments, opened 750 free breakfast clubs, secured three trade deals and four interest rate cuts lowering mortgage payments for millions.
“Only Labour can deliver the change needed to renew Britain.”