UK ‘Travel Rule’ Guidance Set Out by FCA as Stricter Rules Halt PayPal Crypto Business

Controversial new measures known as the travel rule, requiring crypto operators to identify the sender and recipient of funds transfers, are already legislated to take effect in the U.K. as of Sept. 1. While the money-laundering norms haven’t yet been fully implemented across the world, the U.K.’s upcoming stricter rules, including for advertising, have already put a halt to the crypto business of companies such as PayPal.