- Revolut removes Solana, Polygon and Cardano crypto tokens within the US
- This was the results of the SEC’s earlier lawsuit in opposition to Coinbase and Binance exchanges.
- The worth of those tokens (SOL, MATIC and ADA) is predicted to drop additional.
UK-based neo-bank Revolut has knowledgeable a lot of its customers by way of e mail that they are going to be eradicating Solana (SOL), Polygon (MATIC) and Cardano (ADA) crypto tokens within the US Bakkt, the supplier of Revolut’s digital companies additionally introduced that it might take away these tokens as a result of lack of regulatory readability.
The official e mail additionally knowledgeable clients of the next: Customers can withdraw all three tokens from their account earlier than September 18. Throughout this time, all remaining tokens shall be offered at market worth and transformed into greenback deposits thereafter.
The Revolut spokesperson additionally added that there are not any plans to withdraw these tokens from different markets. For the reason that SEC filed lawsuits in opposition to main cryptocurrency exchanges like Binance and Coinbase, alleging they supply “unregistered securities” to their purchasers, the regulatory panorama has been shaky.
Based on a Bloomberg report, different platforms have began taking related motion in opposition to these crypto tokens. Robinhood introduced final June that it might be eradicating these tokens, and eToro has additionally determined to ban US customers from opening new positions in numerous crypto tokens, together with Polygon (MATIC), Algorand (ALGO), Sprint (DASH) and Decentraland (MANA).
The SEC lawsuits are nonetheless ongoing, and the ripple impact seems to have spooked different exchanges into delisting tokens categorized as “securities” by the SEC to keep away from additional regulatory scrutiny. .
Galaxy Digital Holdings Ltd. founder Mike Novogratz mentioned there was “a small, small, small day by day retail ‘hodler’ buy on apps like Sq., Robinhood, Revolut within the UK”. Within the meantime, institutional traders are pulling out of cryptocurrency investments in response to SEC rules, Bloomberg commented.
Based on 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 in a single month, respectively. .
