PayPal will temporarily suspend its cryptocurrency purchasing service in the UK starting in October, with a planned resumption in early next year.

According to a report by Cryptoslate on August 16th, in an email sent to some users on August 14th, PayPal stated that it will temporarily suspend its cryptocurrency purchase services in the UK from October 1st, 2023, due to new rules introduced by the Financial Conduct Authority (FCA). The service is expected to resume in early 2024, but the specific date is not yet clear. Although users will not be able to purchase cryptocurrency during the service interruption, PayPal states that they will be able to hold and sell their cryptocurrency. PayPal has not yet clarified whether users will be able to transfer their cryptocurrency to other wallets and trading platforms. However, PayPal assures users that their cryptocurrency will remain safe and that holding cryptocurrency will not incur any fees.