Hungary Cracks Down on Crypto as Revolut Freezes User Accounts
https://coincentral.com/hungary-cracks-down-on-crypto-as-revolut-freezes-user-accounts/----- quote start
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.
---- quote end