Digital bank Revolut has said it plans to suspend some of its crypto services from its U.Kbusiness clients in response to incoming new rules from the country's regulator, a personfamiliar unveiled on Monday.

The bank - which registered with the main digital asset regulator in the U.K, the FinanciaConduct Authority, so it could offer crypto services in the country in September last year - hasdecided to pause its U.K. clients' ability to buy crypto via Revolut Business starting Jan. 3.2024. Customers in the country will still be able to hold and sell crypto.

The pause was put in place to give the company time to adjust its current business cryptooffering to make sure all of the new requirements set by the U.K. regulator in the "back end!Direct Offer Financial Promotion (DOFP) rules, which will be entering into force on Jan. 8.2024, are met, a source unveiled

Many crypto firms have had to withdraw their services to adiust to the FCA's promotions ruleswhich came into effect in October. Firms were allowed to apply for a three-month extension toapply the rules.

Crypto exchange Bybit and payments giant PayPal recently decided to withdraw certainservices from the U.K. following the announcement of these new rules. Another companyLuno, made the decision to block some of its clients from investing in crypto through itsplatform.

Source: CoinDesk