A person familiar with the situation told CoinDesk that Revolut plans to suspend its crypto services for its U.K.-based business clients as a response to new rules coming from the country’s regulatory body.

In September of last year, the bank registered its U.K. customers to be able to purchase crypto through Revolut business. This will stop on January 3, 2024. Customers will be able hold and sell cryptocurrency in the UK. City A.M. reported the news first on Monday, in an email that it had received.

A source told CoinDesk that the pause was to allow the company to adjust its existing business crypto offerings to ensure all the new requirements, set forth by the U.K. regulatory body in the Direct Offer Financial Promotion rules (DOFP), which will enter into force on January 8, 2023 are met.

The FCA promoted rules came into force in October. Many crypto firms had to withdraw services. Firms could apply for an extension of three months to implement the new rules.

Following the announcement of the new rules, PayPal and crypto exchange Bybit decided to pull certain services out of the U.K. Luno has also decided to stop some of its customers from investing in cryptocurrency via its platform.

Read More: Why some crypto firms are suspending services in the U.K.

Updated (Dec. 18, 17:37 UTC). Added information from CoinDesk plus mentions FCA’s extension of three months for crypto companies.

Nikhilesh De.