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PayPal Will Suspend Cryptocurrency Purchases in the UK From October and Is Expected To Resume Early Next Year

August 16th, according to Cryptoslate, PayPal stated in an email sent to some users on August 14th that due to new rules introduced by the UK Financial Conduct Authority (FCA), PayPal will temporarily suspend its cryptocurrency purchase services in the UK from October 1st, 2023, and will resume in early 2024, with no specific date yet.

Although unable to purchase cryptocurrency, PayPal stated that users will be able to hold and sell their cryptocurrency during the service interruption period. At the same time, PayPal did not specify whether users will be able to transfer cryptocurrency to other wallets and trading platforms.

However, PayPal assures users that their cryptocurrency is still safe and holding cryptocurrency will not incur any fees.

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