Robinhood has announced that it will discontinue support for certain crypto market tokens it currently offers on its platform.
Cardano (ADA), Polygon (MATIC), and Solana (SOL) are the top 10 coins in terms of market capitalization, and the company said its review of crypto offerings led to the decision to terminate support for these cryptocurrencies. It is uncertain whether the platform will extend the delisting to other coins.
Cardano (ADA), Polygon (MATIC), and Solano (SOL) did not react immediately to the news of Robinhood’s delisting. At the same time, the crypto market exhibited a sideways movement ahead of the Federal Reserve’s interest rate decision on June 14, 2023.
Robinhood Crypt0currency Delisting
Although the company did not explicitly state that the Coinbase and Binance lawsuits were the reason for the delisting, it is widely believed that this is the case. Multiple times in the past, the US SEC has recognized a variety of crypto tokens as securities.
In recent litigation, the regulatory agency added 16 new cryptocurrencies to its list of securities, bringing the total number of tokens to 67. The company announced that Robinhood Crypto will no longer support the three cryptocurrencies as of June 27, 2023.
“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. No other coins are affected and your crypto is still safe on Robinhood.”inhood.”
Nonetheless, the platform will continue to facilitate the trading of Bitcoin, Ethereum, Litecoin, Dogecoin, and Shiba Inu, among other cryptocurrencies.
