Revolut Halts Crypto Services in Hungary Following Government Ban

British fintech leader Revolut has suspended all cryptocurrency operations in Hungary after the government declared crypto transactions illegal. The abrupt move, effective July 7, froze trading and account activity for Hungarian users, triggering a wave of customer complaints.

Revolut cited evolving EU regulatory frameworks, including the forthcoming MiCA standards, as the reason for pausing new crypto sign-ups in select markets. Existing accounts remain unaffected, but the company has not provided a timeline for resuming services in Hungary.

The suspension highlights growing regulatory divergence in European crypto markets. While Revolut maintains compliance efforts, the Hungarian ban creates an isolated pocket of restricted access amidst broader EU efforts to standardize crypto asset rules.