Robinhood is delisting three commonly traded cryptocurrencies, Cardano (ADA), Solana (SOL), and Polygon (MATIC), which were recently identified as securities by the Securities and Exchange Commission (SEC) in lawsuits against the largest exchanges. cryptocurrency. The financial services provider offers commission-free trades on cryptocurrencies and other instruments.
“We regularly review the crypto we offer on Robinhood (and) have decided to end support for ADA, MATIC, and SOL effective June 27, 2023, at 6.59pm ET,” Robinhood said on Friday.
According to the company, users can continue to buy, sell, hold or transfer ADA, MATIC and SOL before the deadline. However, users in Hawaii and Nevada will not be able to purchase tokens, while users in New York cannot make transfers.
“Any ADA, MATIC, and SOL still on Robinhood after the deadline will automatically be sold and added to your Robinhood buying power,” Robinhood stated, adding that no other crypto assets are affected. Additionally, the company has informed users that they have the option to transfer their tokens to other wallets.
Enforcement action by the SEC threatens theft
Robinhood told Congress on Tuesday that it is actively reviewing its listed digital assets following regulators’ action, according to a report from Bloomberg. In a lawsuit filed this week against Coinbase by the SEC, the watchdog described ADA, MATIC, and SOL as securities. Other tokens identified as securities in the state include FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.
Robinhood’s announcement comes amid sweeping enforcement action against digital asset platforms by the Securities and Exchange Commission, most recently the halting of dollar deposits by Binance.US, one of Binance’s US affiliates. The SCA is also seeking a court order to freeze assets owned by Binance.US to prevent the company from moving them offshore.
The SEC’s action came a day after multiple charges were filed against Binance for allegedly manipulating its trading volumes and commingling users’ assets. In what it described as a ‘web of deception’, the SEC also accused exchange founder Changpeng Zhao of secretly controlling Binance.US, an allegedly independent entity.
Robinhood is delisting three commonly traded cryptocurrencies, Cardano (ADA), Solana (SOL), and Polygon (MATIC), which were recently identified as securities by the Securities and Exchange Commission (SEC) in lawsuits against the largest exchanges. cryptocurrency. The financial services provider offers commission-free trades on cryptocurrencies and other instruments.
“We regularly review the crypto we offer on Robinhood (and) have decided to end support for ADA, MATIC, and SOL effective June 27, 2023, at 6.59pm ET,” Robinhood said on Friday.
According to the company, users can continue to buy, sell, hold or transfer ADA, MATIC and SOL before the deadline. However, users in Hawaii and Nevada will not be able to purchase tokens, while users in New York cannot make transfers.
“Any ADA, MATIC, and SOL still on Robinhood after the deadline will automatically be sold and added to your Robinhood buying power,” Robinhood stated, adding that no other crypto assets are affected. Additionally, the company has informed users that they have the option to transfer their tokens to other wallets.
Enforcement action by the SEC threatens theft
Robinhood told Congress on Tuesday that it is actively reviewing its listed digital assets following regulators’ action, according to a report from Bloomberg. In a lawsuit filed this week against Coinbase by the SEC, the watchdog described ADA, MATIC, and SOL as securities. Other tokens identified as securities in the state include FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.
Robinhood’s announcement comes amid sweeping enforcement action against digital asset platforms by the Securities and Exchange Commission, most recently the halting of dollar deposits by Binance.US, one of Binance’s US affiliates. The SCA is also seeking a court order to freeze assets owned by Binance.US to prevent the company from moving them offshore.
The SEC’s action came a day after multiple charges were filed against Binance for allegedly manipulating its trading volumes and commingling users’ assets. In what it described as a ‘web of deception’, the SEC also accused exchange founder Changpeng Zhao of secretly controlling Binance.US, an allegedly independent entity.
