Robinhood to Delist Cardano, Solana, and Polygon Amidst SEC Regulatory Pressure

Fintech and crypto agency Robinhood has introduced the delisting of cardano (ADA), solana (SOL), and polygon (MATIC) on June 27, 2023. This improvement comes after the publicly-listed firm revealed that it was “actively reviewing” its coin listings within the wake of latest U.S. Securities and Exchange Commission (SEC) enforcement actions towards Binance and Coinbase.

Robinhood Shakes Up Crypto Offerings, Delists Cardano, Solana, and Polygon

Robinhood, a monetary providers firm headquartered in Menlo Park, California, intends to take away the eighth, tenth, and eleventh largest crypto belongings by market capitalization on June 27. The choice was disclosed in a blog post printed on June 9, which signifies that cardano (ADA), solana (SOL), and polygon (MATIC) will likely be taken off Robinhood’s platform.

In a press release launched on Friday, Robinhood stated, “We frequently evaluate the crypto we provide on Robinhood. Based on our newest evaluate, we’ve determined to finish assist for cardano (ADA), polygon (MATIC), and solana (SOL) on June twenty seventh, 2023 at 6:59 PM ET.” The firm additional reassured customers that “no different cash are affected and your crypto continues to be secure on Robinhood.”

This announcement comes amid rising regulatory scrutiny of Binance and Coinbase by the U.S. SEC. After lawsuits have been filed towards each firms by the SEC, Robinhood declared that it was “actively reviewing” its coin choices. Dan Gallagher, Robinhood’s Chief Legal Compliance and Corporate Affairs Officer, informed Bloomberg that this evaluate aimed to “decide what, if any, actions to take.”

Should Robinhood purchasers fail to promote or switch their ADA, MATIC, or SOL holdings earlier than the deadline, the corporate will eliminate the belongings at their honest market worth. “After the deadline, any ADA, MATIC, and SOL nonetheless in your Robinhood Crypto account will likely be bought for market worth and the proceeds will likely be credited to your Robinhood shopping for energy,” Robinhood elaborated.

What are your ideas on Robinhood’s delisting of Cardano, Solana, and Polygon? Do you consider it’s a essential transfer in mild of regulatory actions, or do you see it as a possible setback for the platform’s crypto choices? Share your ideas and opinions about this topic within the feedback part under.