Revolut Delists Solana, Polygon, Cardano Following SEC Lawsuit

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  • Revolut to Delist Solana, Polygon and Cardano Crypto Tokens in US
  • This was the results of earlier SEC lawsuits in opposition to Coinbase and Binance exchanges.
  • We anticipate the worth of those tokens (SOL, MATIC, ADA) to fall additional.

UK-based neobank Revolut has knowledgeable many customers by way of electronic mail that its Solana (SOL), Polygon (MATIC) and Cardano (ADA) crypto tokens might be delisted within the US, Revolut’s digital service supplier stated. Bakkt additionally introduced. Resulting from lack of regulatory readability, these tokens might be delisted.

Screenshot of Revolut electronic mail despatched to person (Supply: Coin Telegraph)

The official electronic mail additionally knowledgeable prospects that: The person can withdraw all three of her tokens from her account by September 18th. In the meantime, all remaining tokens might be offered at market value after which transformed into greenback deposits.

A Revolut spokesperson additionally added that there aren’t any plans to take away these tokens from different markets. The regulatory panorama has been rocky for the reason that SEC filed lawsuits in opposition to main cryptocurrency exchanges like Binance and Coinbase for providing “unregistered securities” to prospects.

In accordance with a Bloomberg report, different platforms have began taking related steps in opposition to these crypto tokens. Robinhood introduced in June of this yr that they’d be eradicating these tokens, and eToro additionally added Polygon (MATIC), Algorand (ALGO), Sprint (DASH) and Decentraland (Mana).

See also  Coinbase intends to proceed 'lengthy recreation' whilst crypto exchanges withdraw from Canada

The SEC lawsuit continues to be pending, and the ripple impact seems to have compelled different exchanges to delist tokens categorised as “securities” by the SEC to keep away from additional regulatory scrutiny.

“Within the UK, apps equivalent to Sq., Robinhood and Revolt proceed to make small purchases by retail ‘hoarders’ each day,” stated Mike Novogratz, founding father of Galaxy Digital Holdings. rice discipline. Within the meantime, Bloomberg commented that institutional traders are pulling again from investing in cryptocurrencies in response to SEC laws.

In accordance with CoinMarketCap, the token costs of SOL, ADA and MATIC rose from $22 to $19.16, $0.38 to $0.29 and $0.9 to $0.7 respectively in a single month.

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