Robinhood Delists Solana (SOL), Cardano (ADA), Polygon (MATIC)

Robinhood, a trading firm based in the United States, has made an announcement regarding the removal of Solana (SOL), Cardano (ADA), and Polygon (MATIC) from its platform.

This decision was made in response to the SEC categorizing these cryptocurrencies as securities in the lawsuits against two prominent players in the crypto industry. Robinhood, which has recently expanded into the crypto market, stated that the SEC’s classification created an atmosphere of doubt surrounding these assets, prompting the company’s team to discontinue their support .

On June 27th, 2023, at 6:59 PM ET, Robinhood made the decision to cease support for the three tokens, ADA, MATIC, and SOL. Any remaining quantities of these cryptocurrencies in users’ Robinhood Crypto accounts after the deadline will be sold at their current market value. The resulting funds will be credited to the users’ Robinhood buying power. Robinhood reassured its customers that this action only applies to these three specific tokens and no other coins will be impacted. The official statement from the brokerage firm stated the following:

“You can continue to buy, sell and hold ADA, MATIC, and SOL until the deadline. You will be able to transfer ADA, MATIC, and SOL until June 27th, 2023. (If you live in Hawaii or Nevada, you can’t buy ADA, MATIC, and SOL. If you live in New York, you can’t transfer ADA, MATIC, and SOL.)”

The development teams behind the three projects – Polyogn, Solana, and Cardano – have dismissed SEC’s claim. Meanwhile, Robinhood’s decision comes amidst the SEC’s crackdown on Binance and Coinbase, which were accused of operating illegal exchanges by the agency.

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