Robinhood, a preferred buying and selling app, has introduced that it’ll cease supporting three cryptocurrencies – Cardano (ADA), Polygon (MATIC), and Solana (SOL) – as of June twenty seventh, 2023. This determination comes because of the Securities and Alternate Fee (SEC) listing these tokens as unregistered securities in its current lawsuits in opposition to Coinbase and Binance.
In an official replace, Robinhood said that they recurrently overview the cryptocurrencies out there on their platform, and based mostly on their current evaluation, they’ve determined to discontinue assist for ADA, MATIC, and SOL. Customers are required to withdraw or promote these property for fiat foreign money or different eligible property on Robinhood earlier than the said deadline.
If you wish to discover out why Robinhood eliminated Solana, Cardano, and Polygon from its platform obtain without spending a dime the Born2Invest cell app. Out there for each Android and iOS units, our companion app retains its readers updated with a very powerful business news of the day.
As soon as the deadline has handed, all remaining property will likely be bought at market costs and the proceeds from these gross sales will likely be returned to customers
In accordance with CoinGecko, the costs of ADA, MATIC, and SOL have moved in another way within the final 24 hours: ADA fell 2.7%, MATIC dropped 0.4%, and SOL rose 1.1%.
Nonetheless, the transfer comes shortly after the SEC filed lawsuits in opposition to each Binance and Coinbase, accusing them of varied violations, together with securities legislation violations. The lawsuits allege that ADA, MATIC, and SOL are unregistered securities.
Dan Gallagher, Robinhood’s head of regulatory compliance, testified earlier than the Home Agriculture Committee and talked about that the corporate is actively reviewing its cryptocurrency choices. It seems that the choice to take away assist for these three tokens is in keeping with Robinhood’s dedication to compliance and regulatory requirements.
Prior to now, Robinhood had added assist for Solana and Polygon in April 2022, with Cardano’s listing following in September of that yr
Regardless of the removing of ADA, MATIC, and SOL, Robinhood will proceed to assist a lot of different cryptocurrencies from its unique record of 18, which incorporates in style choices like Bitcoin (BTC) and Ethereum (ETH), in addition to meme cash like Dogecoin (DOGE) and Shiba Inu (SHIB). As well as, Layer 1 tokens resembling Avalanche (AVAX) and Tezos (XTZ), in addition to DeFi tokens resembling Aave (AAVE), Compound (COMP), and Uniswap (UNI) will proceed to be out there for buying and selling on the platform.
In abstract, Robinhood’s determination to take away assist for Cardano, Polygon, and Solana is a results of their classification as unregistered securities by the SEC in current courtroom circumstances. The transfer displays the corporate’s dedication to regulatory compliance and ongoing overview of cryptocurrency choices. Customers have till June twenty seventh, 2023, to withdraw or promote these property. After that, any remaining tokens will likely be bought at market costs and the proceeds returned to customers.
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