Robinhood to Delist Cardano, Solana, and Polygon Amidst SEC Regulatory Pressure
Fintech and crypto firm Robinhood has announced the delisting of cardano (ADA), solana (SOL), and polygon (MATIC) on June 27, 2023. This development comes after the publicly-listed company revealed that it was “actively reviewing” its coin listings in the wake of recent 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 financial services company headquartered in Menlo Park, California, intends to remove the 8th, 10th, and 11th largest crypto assets by market capitalization on June 27. The decision was disclosed in a blog post published on June 9, which indicates that cardano (ADA), solana (SOL), and polygon (MATIC) will be taken off Robinhood’s platform.
In a statement released on Friday, Robinhood said, “We regularly review the crypto we offer on Robinhood. Based on our latest review, we’ve decided to end support for cardano (ADA), polygon (MATIC), and solana (SOL) on June 27th, 2023 at 6:59 PM ET.” The company further reassured users that “no other coins are affected and your crypto is still safe on Robinhood.”
This announcement comes amid increasing regulatory scrutiny of Binance and Coinbase by the U.S. SEC. After lawsuits were filed against both 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 review aimed to “determine what, if any, actions to take.”
Should Robinhood clients fail to sell or transfer their ADA, MATIC, or SOL holdings before the deadline, the company will dispose of the assets at their fair market value. “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,” Robinhood elaborated.
What are your thoughts on Robinhood’s delisting of Cardano, Solana, and Polygon? Do you believe it’s a necessary move in light of regulatory actions, or do you see it as a potential setback for the platform’s crypto offerings? Share your thoughts and opinions about this subject in the comments section below.
