Robinhood withdraws from the crypto scene? ADA, MATIC and SOL abandoned
Defi and Exchanges

Robinhood withdraws from the crypto scene? ADA, MATIC and SOL abandoned

This time, it’s the Robinhood trading platform that has decided to distance itself by delisting the crypto-currencies Cardano (ADA), Polygon (MATIC) and Solana (SOL).

These three tokens have been classified as financial securities by the US Securities and Exchange Commission (SEC), which may also take action against Robinhood for allowing them to be traded.

This decision to delist these controversial cryptocurrencies could be seen as an attempt by Robinhood to escape retaliation from US regulators who are cracking down on the crypto industry.

However, this announcement has had no significant impact on the prices of these cryptocurrencies in question.

Robinhood said in a statement:

“We regularly review the cryptocurrencies we offer on our platform. Based on our latest review, we have decided to end support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) as of June 27, 2023 at 6:59pm ET. All other cryptocurrencies remain available and your crypto assets are safe on Robinhood.”

While the SEC has already targeted major exchanges such as Binance, Coinbase and Kraken, it is highly likely that it will also consider taking legal action against other crypto-trading platforms such as Robinhood and which, for now, appear to be spared.

It’s also important to note that Cardano (ADA), Polygon (MATIC) and Solana (SOL) aren’t the only crypto-currencies to be considered financial securities by the SEC. Other cryptocurrencies, such as Algorand (ALGO), Binance Coin (BNB), Binance USD (BUSD), COTI, Chiliz (CHZ), and many others are also mentioned in the complaints filed against Binance and Coinbase.

In an increasingly stringent regulatory landscape, other cryptocurrency exchange platforms may have to delist certain cryptocurrencies from their offerings in order to protect themselves from potential prosecution by US exchange regulators.

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

Join the discussion

  1. Pingback: Solana, Polygon and Cardano : fighting the “security” label - Trending Crypto News

  2. Pingback: eToro forced to remove certain cryptos from US traders - Trending Crypto News

  3. Pingback: Bakkt delists Solana, Cardano and Polygon - Trending Crypto News

Comments are now closed.
back to top