- Revolut to delist Solana, Polygon, and Cardano crypto tokens in the U.S.
- This was a result of the prior SEC lawsuit against Coinbase and Binance exchanges.
- The value of these tokens (SOL, MATIC, and ADA) is expected to fall further.
The UK-based neo-bank Revolut has notified many of its users through email that they will delist Solana (SOL), Polygon (MATIC), and Cardano (ADA) crypto tokens in the U.S. Bakkt, Revolut’s digital services provider also announced that it would delist these tokens due to the lack of regulatory clarity.
The official email also informed customers of the following: Users can withdraw all three tokens from their account before September 18. Meanwhile, all remaining tokens will be sold at market value and converted into dollar deposits after that.
Revolut’s spokesperson also added that there are no plans to remove these tokens from other markets. Ever since the SEC filed lawsuits against the top cryptocurrency exchanges like Binance and Coinbase, alleging that they provide “unregistered securities” to their customers, the regulatory landscape has been shaky.
According to a report by Bloomberg, other platforms have begun to take similar actions against these crypto tokens. Robinhood announced this June that they would remove these tokens, and eToro has also decided to prohibit U.S. users from opening new positions in a number of crypto tokens, including Polygon (MATIC), Algorand (ALGO), Dash (DASH), and Decentraland (MANA).
The SEC lawsuits are still being litigated, and the ripple effect appears to have scared other exchanges into delisting the tokens categorized as “securities” by the SEC in order to avoid any further regulatory scrutiny.
Galaxy Digital Holdings Ltd. founder Mike Novogratz said there is a “constant, small, little buying everyday of retail ‘hodlers’ on apps like Square, Robinhood, Revolut over the UK.” In the interim, institutional investors are withdrawing from cryptocurrency investments in response to the SEC regulations, Bloomberg commented.
According to CoinMarketCap, the token prices of SOL, ADA, and MATIC went from $22 to $19.16, $0.38 to $0.29, and $0.9 to $0.7 in a single month, respectively.
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