A lot of strange things tend to happen in the world of cryptocurrency these days. Revolut has proven to be a remarkable company in this regard. Despite only recently adding cryptocurrency support, it seems another functionality has been removed. As of right now, some users are unable to transfer Bitcoin or other supported currencies directly. A worrisome development that seemingly makes no sense.
A lot of users are quite happy with Revolut. The “modern bank” keeps an open mind toward Bitcoin and other cryptocurrencies .That is all anyone can ask for in this day and age of banks scrutinizing Bitcoin at every turn. Unfortunately, the service is also a bit awkward at times, with conflicting services being offered right now.
What is the Deal With Revolut?
On the one hand, Revolut users can purchase popular cryptocurrencies directly through the app. It makes for a convenient solution. Moreover, it may help expose a lot more people to cryptocurrency moving forward. Transferring fiat currency from an exchange to Revolut to buy cryptocurrency is certainly possible. A nice feature, but it only seems to work in one direction.
Withdrawing cryptocurrency to the Revolut platform is a big problem. Various complaints have surface don social media in this regard. Users seemingly cannot send cryptocurrency to Revolut as of right now. Although the functionality exists, a fair few transfers are rejected. Apparently, this is due to “security reasons”, although no further details have been announced as of right now.
This issue does not affect all exchanges either. Sending funds from Kraken to Revolut is problematic. Coinbase, on the other hand, seems to work just fine. It is possible this is a temporary issue with Revolut, although it may not necessarily be the company’s fault either. Until an official explanation is provided, this uneasy situation will remain. All failed transfers see the money sent back to the original account, thus no real damage is done in the end.
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