EddieJayonCrypto
19 Jul 24
Cash App, a mobile money transfer service, will suspend its operations in the United Kingdom due to regulatory hurdles. The platform faced challenges, including investigations by US financial regulators and the Consumer Financial Protection Bureau. This decision follows a drop in the parent company'...
Cash App, a mobile money transfer service, is suspending its operations in the United Kingdom due to regulatory hurdles and a drop in the parent company's shares. The decision comes after facing investigations by US financial regulators and the Consumer Financial Protection Bureau, prompting a shift in focus to prioritize the US market.
In contrast, cryptocurrency exchange Kraken is extending its Custody service to the UK and Australia, while a Bitcoin payment app called Strike has launched in the UK to enhance Bitcoin accessibility and adoption.
The regulatory challenges faced by Cash App led to a significant drop in the company's shares and operational setbacks, resulting in a decision to deprioritize global expansion, including in the UK.
Kraken's extension of its Custody service to the UK and Australia, as well as Strike's launch in the UK, reflect the evolving landscape of cryptocurrency services in different regions.