June 30, 2023 at 15:08 GMTModified date: September 6, 2023 at 11:29 GMT
June 30, 2023 at 15:08 GMT

Revolut delists ADA, MATIC and SOL

Revolut has joined the growing list of exchanges in the United States to delist Cardano ($ADA), Polygon ($MATIC) and Solana ($SOL).

Revolut delists ADA, MATIC and SOL

Revolut has joined the growing list of exchanges in the United States to delist Cardano (ADA), Polygon (MATIC) and Solana (SOL). Effective September, customers in the US will no longer be able to trade these assets on the Revolut app. 

In an email notification to its customers, the British neobank explained that it had to cease support of these cryptocurrencies as its service provider had delisted them due to regulatory issues. This unforeseen development made it impractical for the bank to process any further buy or sell orders for the three assets.

The email reads: “We’re letting you know that we’ll be delisting Cardano (ADA), Polygon (MATIC), and Solana (SOL) from our crypto platform….

“As of today, you can no longer buy any more of these tokens, but you’ll still be able to hold and sell until September.”

The decision is in alignment with SEC’s pronouncement of 13 cryptos including SOL, MATIC, ADA, Filecoin (FIL), Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer Price (ICP), Near (NEAR), Voyager (VGX), Dash (DASH) and Nexo (NEXO) as securities in its lawsuits against Binance and Coinbase

Revolut joins eToro, Robinhood and Bakkt 

Revolut joins the likes of eToro US, Robinhood and Bakkt to delist ADA, SOL and MATIC after the SEC labelled them, alongside many other digital assets as securities. 

Robinhood was the first to adjust its crypto asset offerings after the SEC crackdown. Earlier this month, it announced that it will delist all three assets, giving customers until 27 June to transfer their assets. Its official statement reads:

“You can continue to buy, sell and hold ADA, MATIC, and SOL until the deadline. You will be able to transfer ADA, MATIC, and SOL until June 27th, 2023. After the deadline, any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value and the proceeds will be credited to your Robinhood buying power.”

eToro US followed suit, stating its intention to implement changes to its cryptocurrency offering for US customers. The changes resulted in the delisting of ALGO, MANA and MATIC following the SEC’s “securities”’” pronouncement. The exchange emphasised that it has a framework in place to continuously assess the crypto assets it provides, and that the adjustments aim to align with the evolving regulatory landscape.

Bakkt joined the bandwagon by delisting ADA, SOL and MATIC in a bid to maintain regulatory compliance.

SOL, MATIC and ADA price update 

Cardano (ADA), Solana (SOL) and Polygon (MATIC) are all down in the last one hour following the news. ADA dipped by 5.5%, SOL retraced by 4.43% while MATIC has lost 3.68% in the past hour.

Solana daily chart. Source: CoinMarketCap