Revolut Drops Solana (SOL), Cardano (ADA) and Polygon (MATIC) Amid Regulatory Crackdown: Report
Financial app Revolut is no longer allowing US customers to trade Solana (SOL), Cardano (ADA) and Polygon (MATIC).
According to a new Bloomberg report, the United Kingdom (UK) company is delisting the three altcoins after its provider Bakkt, the digital asset marketplace, announced in June it was removing support for the tokens until there is more regulatory clarity.
The delisting comes after the U.S. Securities and Exchange Commission (SEC) labeled the tokens as unregistered securities in separate lawsuits filed last month against top crypto exchanges Coinbase and Binance.
According to the report, Revolut’s US customers have until Sept. 18th to sell or move their tokens off the platform.
Afterward, the platform will automatically sell the tokens at the market price and deposit the proceeds into the customers’ accounts.
Revolut says it has no plans to delist the tokens in markets outside of the United States.
Other platforms have made similar moves since the SEC lawsuits.
Robinhood delisted the same three tokens last month, and popular social trading platform eToro halted purchases of layer-2 scaling solution Polygon along with smart contract platform Algorand (ALGO), metaverse Decentraland (MANA) and privacy-focused protocol Dash (DASH).
According to Bloomberg, Mike Novogratz, the founder of Galaxy Digital Holdings, said last month that institutional investors were wary of crypto investing after the SEC lawsuits. However, he said apps like Square, Robinhood and Revolut saw “constant, small, little buying every day of retail ‘hodlers.’”
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The post Revolut Drops Solana (SOL), Cardano (ADA) and Polygon (MATIC) Amid Regulatory Crackdown: Report appeared first on The Daily Hodl.
