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Breaking: Revolut suspends crypto services in Hungary today, another financial provider follows
Hungary’s cryptocurrency market has suffered a fresh blow, as not only Revolut but also CoinCash, one of the country’s largest domestic crypto platforms, has announced the suspension of its services. The moves come in response to recent and upcoming changes in Hungary’s regulatory and criminal law framework, which industry players say currently make lawful operation impossible.
What you’ll read about in this article
Revolut pulls the plug on crypto in Hungary
As previously reported, Revolut has decided to completely shut down its cryptocurrency services in Hungary with effect from 18 December. The fintech giant cited the need to maintain regulatory compliance and to meet local supervisory requirements as the main reasons behind the decision.
This is despite the fact that Revolut Digital Assets Europe Ltd. has already obtained the necessary authorisation from the Cyprus Securities and Exchange Commission (CySEC) under the EU’s Markets in Crypto-Assets (MiCA) regulation. Nevertheless, the company concluded that the Hungarian regulatory environment creates risks that it cannot currently mitigate.
CoinCash follows suit on the same day
On Thursday morning, another major announcement followed, reported by revb.hu. CoinCash, one of Hungary’s most significant home-grown cryptocurrency service providers, confirmed that it will also temporarily suspend all of its services in Hungary, in parallel with Revolut’s crypto shutdown, Portfolio reported.
Founded in 2017, CoinCash has grown into Hungary’s market-leading crypto broker and the operator of the country’s largest Bitcoin ATM network. Its decision marks a major disruption for both retail and professional crypto users across the country.
Services and crypto ATMs taken offline
From 18 December, CoinCash users can no longer place new exchange orders, whether in forints or euros. All crypto exchange services have been fully suspended, affecting both the online platform and the company’s nationwide ATM network.
As a result, ten crypto ATMs in Budapest and five in regional cities – including Érd, Debrecen, Pécs, Székesfehérvár and Veszprém – are currently out of operation, according to Pénzcentrum. These machines previously allowed customers to purchase cryptocurrencies with cash, a popular option for many users.
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