PayPal will temporarily halt crypto purchases in the United Kingdom starting from Oct. 1, 2023, expecting to reenable the service in early 2024. 😏😏😏

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.

The news comes as the U.K. government prepares to implement the “Travel Rule,” major Know-Your-Customer and Anti-Money Laundering regulations developed by the Financial Action Task Force (FATF). Starting from Sept. 1, 2023, all crypto firms registered with the FCA will need to comply with the Travel Rule.

Interesting story…things that make you hmmm. 🤔🤔🤔