Hungary’s Crypto Crackdown Escalates: Revolut Freezes Accounts in Shock Move

Budapest tightens the screws—digital asset holders wake up to frozen wallets as regulators flex muscle.

Subheader: The Revolut Reckoning

Neobank Revolut blindsides users with abrupt account freezes—no warnings, just cold crypto lockdowns. Another 'user-first' fintech proving compliance trumps customers.

Subheader: Regulatory Dominoes

Hungary's hardline stance mirrors Europe's creeping crypto containment playbook. Banks now deputized as border guards for the fiat regime.

Closing jab: Nothing unites bureaucrats faster than the urge to control money they didn't print—especially when it's outperforming their monetary policies.

TLDR

• Revolut Freezes Crypto in Hungary Amid Harsh New Regulations
• Hungary’s Crackdown Locks 500K Users Out of Crypto on Revolut
• Crypto Chaos in Hungary: Revolut Suspends Services Without Warning
• Revolut Halts Hungarian Crypto Access After Sudden Legal Shift
• Hungary Criminalizes Unlicensed Crypto, Freezes Hit Major Platforms

Hungary has criminalized unlicensed crypto activity, prompting Revolut to suspend all cryptocurrency services for its Hungarian customers. The neobank froze users’ crypto holdings without notice on July 7, responding to sweeping legislative changes. This action marks a sharp escalation in Hungary’s stance on crypto regulation, placing Revolut at the center of the fallout.

Revolut Blocks Access to Crypto Holdings

Revolut froze the crypto assets of Hungarian users without warning, locking all token sales and transfers indefinitely. The company cited the tightening legal environment as the reason and confirmed the move was in line with new Hungarian law. Though Revolut stated the suspension is temporary, no timeline was given for restoring services.

Hungary has enacted strict new cryptocurrency laws effective July 1, criminalizing “unauthorized” crypto trading with penalties of up to 5 years in prison for individuals and 8 years for service providers. Revolut has suspended crypto services in Hungary. The sweeping law,…

— Wu Blockchain (@WuBlockchain) July 14, 2025

The platform emphasized that the crypto freeze does not affect its banking, savings, or FX services. Revolut is seeking a Markets in Crypto-Assets (MiCA) licence through its EU-based unit. However, Hungarian law now also requires a separate license from the National Bank, adding more complexity for compliance.

Revolut had already paused new crypto user registrations in Hungary to reduce regulatory risk. Even existing users cannot access or sell their holdings. The company insists it will resume services once the required authorizations are secured.

Hungary Introduces Harsh Crypto Legislation

Hungary passed a new law on June 17 that took effect on July 1, targeting unlicensed crypto activity. The legislation criminalizes high-value crypto transactions over 50 million forints, with prison terms of up to five years. Service providers operating without a license face up to eight years in prison under the updated criminal code.

The law assigns oversight to the Hungarian National Bank, making licenses mandatory for crypto platforms to operate legally. Yet, no application process or clear licensing criteria have been published. This regulatory vacuum has left companies like Revolut and Bitstamp with no compliant path forward.

The government claims the law aligns with EU regulations, including MiCA and anti-money laundering rules. However, the additional penalties far exceed those outlined in MiCA. The crypto freeze has already triggered service suspensions across multiple platforms operating in Hungary.

Bitstamp and Others Follow Revolut’s Exit

Bitstamp also suspended trading services for Hungarian users, despite holding a MiCA-compliant license in the EU. The exchange limited access to deposits, withdrawals, and staking due to unclear local enforcement. Legal uncertainty and high risks pushed the platform to take immediate action.

CoinCash, a domestic crypto firm, paused new customer registrations but continues serving existing users. Global exchanges like Binance and Coinbase continue operations, arguing EU licensing still provides sufficient coverage. These companies have not made changes while they await further clarification.

Local experts warn that Hungary’s crypto freeze risks driving talent and businesses abroad. Countries like the UK, Singapore, and Dubai remain more favorable to crypto firms. The Hungarian Fintech Association said the sudden changes create fear and uncertainty in the sector.

Crypto Freeze Impacts Over 500,000 Hungarians

Hungarian media reports estimate that 500,000 citizens currently hold crypto assets. The new law introduces mandatory conversion-validation certificates for each trade, creating extra compliance hurdles. Many users now find themselves in a legal grey area with frozen accounts and limited options.

Holding crypto remains legal, but trading and using unlicensed services now carry heavy penalties. With Revolut’s crypto freeze, many users have lost access to their digital portfolios. Until clear rules emerge, crypto firms and users alike face prolonged disruption in Hungary.

The crypto freeze has reshaped the Hungarian market overnight. Revolut’s MOVE signals a broader shift as companies adapt to harsh new regulations. Without urgent clarity, Hungary’s approach could stall digital innovation in the region.