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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.
The core issue: an unworkable validator system
According to CoinCash, the suspension is not due to problems with its own operations, but rather to a regulatory requirement introduced by Hungary’s Supervisory Authority for Regulatory Affairs (SZTFH).
Under the current rules, crypto transactions are expected to be validated by an officially approved “validator”. However, CoinCash says that no such approved validator service currently exists in Hungary, making technical and legal compliance impossible in practice.
From 1 January 2026, crypto exchanges conducted without a licensed validator could even carry criminal law risks, a prospect that has alarmed both service providers and users.
Criminal law changes add further pressure
The regulatory uncertainty is compounded by amendments made to Hungary’s Criminal Code at the end of June. The revised rules introduced new offences related to the misuse of crypto-assets.
Under the amended legislation, anyone who uses an unauthorised crypto exchange service to convert crypto-assets of significant value into money or other crypto-assets may commit a criminal offence, provided no more serious crime is involved. Such an act qualifies as a misdemeanour and may be punishable by up to two years in prison.
Industry players warn that this creates serious legal risks not only for companies, but also for private individuals engaging in crypto transactions.
MiCA authorisation not enough on its own
CoinCash has confirmed that it has already applied for EU-level MiCA authorisation, and the procedure is ongoing. However, the company stresses that MiCA approval alone is insufficient under the current Hungarian framework, as the lack of an approved validator blocks lawful operation regardless of EU licensing.
In practice, this means that almost no market participant can currently meet all domestic requirements, effectively paralysing the sector.
Hope for a restart, if rules change
CoinCash says it is ready to immediately relaunch its services once an approved validator becomes available in Hungary and the technical conditions for lawful operation are met. The company has also expressed hope that lawmakers will recognise that the current rules are unworkable and will take swift steps to create a functioning regulatory environment.