Revolut to Delist MATIC, SOL, and ADA Tokens in the U.S. Due to Changing Cryptocurrency Regulations
Revolut, a cryptocurrency-friendly neobank, has announced its decision to delist the tokens of Polygon (MATIC), Solana (SOL), and Cardano (ADA) from its trading platform in the United States. The move follows the delisting of these tokens by Revolut’s partner Bakkt, as confirmed by a spokesperson from Revolut.
Users of Revolut in the U.S. will no longer be able to purchase these three cryptocurrencies and are required to sell their existing holdings in MATIC, SOL, and ADA before September 18, as stated in an email sent to U.S. users, as reported by The Block. The decision to delist the tokens is attributed to the evolving laws and regulations surrounding cryptocurrencies in the U.S., as mentioned in the email.
Revolut’s delisting of these tokens is a result of Bakkt’s recent decision to do the same, according to a spokesperson from Revolut in communication with The Block. Robinhood and eToro are among the other platforms that have recently ceased trading these tokens. These delisting decisions coincided with the U.S. Securities and Exchange Commission’s (SEC) lawsuits against prominent crypto exchanges Binance, Binance.US, and Coinbase, accusing them of offering unregistered securities to customers. The SEC alleged, for the first time, that MATIC, SOL, and ADA are securities among other tokens.
In the event that Revolut’s customers fail to sell their holdings in MATIC, SOL, and ADA before September 18, Revolut will execute the sale on their behalf at the prevailing market price and deposit the resulting USD proceeds into their Revolut accounts, as outlined in the email.
While Revolut is delisting these tokens for U.S. users, the spokesperson clarified that there are no plans to delist them in other markets where they are still available.
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