The Fintech giant Revolut is delisting three popular cryptocurrencies – Solana (SOL), Polygon (MATIC), and Cardano (ADA) – for users in the United States, citing the regulatory uncertainty and the Securities and Exchange Commission (SEC) labeling these tokens as securities, according to Bloomberg.
The three tokens, SOL, MATIC, and ADA, collectively have a market capitalization surpassing $24 billion, with SOL at $7.7 billion, MATIC at $6.6 billion, and ADA at $10.4 billion, according to CoinGecko data.
Access to these tokens on Revolut is provided through Bakkt Holdings Inc., which also decided to delist them due to the lack of regulatory clarity. This change, however, is confined to the US market, as Revolut will continue to offer these tokens in other markets.
The delisting, scheduled for September 18, requires US-based users of the Revolut app to sell their SOL, MATIC, and ADA tokens before the deadline. The move underscores a broader trend of crypto exchanges adjusting their offerings in response to shifting laws and regulations.
Revolut is not alone in this regulatory dance; other major platforms like Robinhood and eToro have also decided to delist these cryptocurrencies. This comes as crypto prices are still struggling to regain their footing after the SEC’s recent lawsuits.
The delisting decision underlines the urgent need for clear regulatory frameworks in the crypto industry. Nonetheless, retail investors continue to buy cryptocurrencies via apps like Square, Robinhood, and Revolut, as noted by Mike Novogratz, the CEO of Galaxy Digital Holdings Ltd.
Also Read: Robinhood To Delist SOL, ADA, Matic Amid SEC’s Crypto Crackdown
