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

Fintech and crypto steadfast Robinhood has announced the delisting of cardano (ADA), solana (SOL), and polygon (MATIC) connected June 27, 2023. This improvement comes aft the publicly-listed institution revealed that it was “actively reviewing” its coin listings successful the aftermath of caller U.S. Securities and Exchange Commission (SEC) enforcement actions against Binance and Coinbase.

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

Robinhood, a fiscal services institution headquartered successful Menlo Park, California, intends to region the 8th, 10th, and 11th largest crypto assets by marketplace capitalization connected June 27. The determination was disclosed successful a blog post published connected June 9, which indicates that cardano (ADA), solana (SOL), and polygon (MATIC) volition beryllium taken disconnected Robinhood’s platform.

In a connection released connected Friday, Robinhood said, “We regularly reappraisal the crypto we connection connected Robinhood. Based connected our latest review, we’ve decided to extremity enactment for cardano (ADA), polygon (MATIC), and solana (SOL) connected June 27th, 2023 astatine 6:59 PM ET.” The institution further reassured users that “no different coins are affected and your crypto is inactive harmless connected Robinhood.”

This announcement comes amid expanding regulatory scrutiny of Binance and Coinbase by the U.S. SEC. After lawsuits were filed against some companies by the SEC, Robinhood declared that it was “actively reviewing” its coin offerings. Dan Gallagher, Robinhood’s Chief Legal Compliance and Corporate Affairs Officer, told Bloomberg that this reappraisal aimed to “determine what, if any, actions to take.”

Should Robinhood clients neglect to merchantability oregon transportation their ADA, MATIC, oregon SOL holdings earlier the deadline, the institution volition dispose of the assets astatine their just marketplace value. “After the deadline, immoderate ADA, MATIC, and SOL inactive successful your Robinhood Crypto relationship volition beryllium sold for marketplace worth and the proceeds volition beryllium credited to your Robinhood buying power,” Robinhood elaborated.

What are your thoughts connected Robinhood’s delisting of Cardano, Solana, and Polygon? Do you judge it’s a indispensable determination successful airy of regulatory actions, oregon bash you spot it arsenic a imaginable setback for the platform’s crypto offerings? Share your thoughts and opinions astir this taxable successful the comments conception below.