Trading app Robinhood has announced that it would delist Solana (SOL), Polygon (MATIC), and Cardano (ADA) by the end of June. The move came several days after these tokens were listed as unregistered securities in the U.S. Securities and Exchange Commission's (SEC) complaints against Binance and Coinbase. Users will have until June 27 to withdraw, trade, and transfer their funds in ADA, MATIC, and SOL. - Any ADA, MATIC, and SOL not withdrawn until the deadline will be automatically sold for market value.
- The firm said the decision would not affect any other token, and the customer funds would remain safe on Robinhood.
- Robinhood's legal chief, Dan Gallagher, recently announced that the firm started reviewing its crypto offerings and listed tokens following the SEC's increased crackdown on crypto trading platforms.
- In complaints against Binance and Coinbase, the SEC claimed that several tokens listed in these crypto exchanges are unregistered securities.
- Solana (SOL), Cardano (ADA), and Polygon (MATIC) were among the tokens in question.
Unlike Coinbase and Binance listing hundreds of tokens, Robinhood gives users access to a limited, over a dozen-token list of crypto assets. - Earlier in June, the SEC consecutively filed two separate lawsuits against Binance, the largest crypto exchange by trading volume, and Coinbase, the largest U.S. crypto exchange, over alleged U.S. securities law violations.
NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Robinhood. |
