Find out how Revolut, faced with repressive SEC action, is forced to remove the cryptos Cardano, Polygon and Solana from its platform for its US customers. Constantly changing regulations are forcing companies in the crypto sector to make tough decisions.
Once upon a time, a battle between the SEC and the crypto-world was gaining momentum and sowing doubt among market players. In this regulatory conflict, Revolut, a popular financial platform, was faced with a difficult decision to make for its American customers.
Like its counterpart eToro, Revolut sadly announced that it would have to bid farewell to some of its beloved cryptocurrencies: Cardano (ADA), Polygon (MATIC) and Solana (SOL). This decision was prompted by the repressive actions of the Securities and Exchange Commission (SEC), the US financial regulator, which had recently targeted renowned crypto companies such as Binance and Coinbase.
Revolut should also say goodbye?
The countdown was on. Revolut’s American customers would have to say goodbye to these digital assets in September 2023, when the Cardano (ADA), Polygon (MATIC) and Solana (SOL) tokens would be completely withdrawn from the platform. Sad news for those who had invested in these promising projects.
While eToro had chosen to delist several cryptocurrencies, including Algorand (ALGO), Decentraland (MANA), Dash (DASH) and Polygon (MATIC), Revolut had decided to focus on three major assets: Cardano (ADA), Polygon (MATIC) and Solana (SOL).
Revolut explained to its customers:
“Our US crypto service provider has decided to delist these tokens due to evolving crypto currency laws and regulations in the US. For this reason, we will no longer be able to process your buy and sell orders for these tokens. We are committed to working closely with regulators around the world to shape the future of the crypto industry.”
From now on, Revolut’s US customers can no longer acquire the Cardano (ADA), Polygon (MATIC) and Solana (SOL) tokens. Their complete disappearance from Revolut’s U.S. platform was inevitable, prompted by a desire to avoid lawsuits related to the sale of crypto financial securities.
It would appear that, according to the SEC, with the exception of Bitcoin, all other cryptocurrencies on the market are considered financial securities. The decision to delist these projects is therefore designed to protect Revolut from the clutches of US regulation.
On June 9, the American trading platform Robinhood had also announced that it was resigning itself to deleting the cryptos Cardano (ADA), Polygon (MATIC) and Solana (SOL). The SEC thus continued its hunt for digital assets, and Revolut joined the list of victims.
