Cash App Exits UK, Kraken and Strike BTC Enter Market
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Jack Dorsey's decision to suspend Cash App services in the United Kingdom after six years of operation underscores regulatory challenges faced by the Bitcoin-friendly platform.
Launched in 2013 under Dorsey’s Block Inc., Cash App expanded to the UK in 2018 as its first international market.
However, regulatory hurdles mounted over time. In 2022, the Consumer Financial Protection Bureau (CFPB) initiated legal action against Block Inc., citing concerns about Cash App’s handling of complaints. Despite repeated requests for information, the firm reportedly failed to comply fully with CFPB’s inquiries.
Additional scrutiny from US financial regulators in February further strained operations, prompting Block Inc. to refocus on its domestic market. This shift in strategy includes deprioritizing global expansions, including operations in the UK.
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Concurrently, Kraken has launched its Custody service in the UK, aiming to cater to institutional investors seeking secure management of crypto assets. Meanwhile, Jack Mallers’ Strike BTC service has also debuted, facilitating free and instant Bitcoin purchases from UK bank accounts.
The exit of Cash App from the UK, coupled with the entry of Kraken Custody and Strike BTC, reflects diverse business strategies amid regulatory landscapes in different regions.
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