NewsletterRobinhood To Delist Cardano (ADA), Polygon (MATIC), Solana (SOL)
Crypto Market News: In what could most likely be an effect of the U.S. Securities and Exchange Commission’s (SEC) lawsuits against two of the top crypto exchanges Binance and Coinbase recently, American financial services company Robinhood announced on Friday it would end support to some of the crypto market tokens it is currently offering on its platform. The company said its review of the crypto offerings led to the decision of ending support for Cardano (ADA), Polygon (MATIC), and Solana (SOL), all of which are coincidentally top 10 coins in terms of market size. It remains to be seen if the platform would extend the delisting to some other coins.
All three coins, Cardano (ADA), Polygon (MATIC), and Solana (SOL), however, did not show any immediate reaction to the news of Robinhood delisting, while the crypto market more or less shows a sideways movement, ahead of the US Federal Reserve’s interest rate decision on June 14, 2023.
Robinhood Crypto Delisting
Although the company did not explicity mention that the reason for delisting is the Coinbase and Binance lawsuits, it is speculated that it is most likely the case. On many occasions in the past, the US SEC had recognized several crypto tokens as securities. In the recent lawsuits, the regulatory agency added as many as 16 new cryptocurrencies to the list of what it deems to be securities, making it a total of 67 tokens. The three cryptocurrencies will no longer be supported on Robinhood crypto from June 27, 2023, the company announced in a statement:
“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.”
However, the platform will continue to support trading of Bitcoin, Ethereum, Litecoin, Dogecoin and Shiba Inu, among others.
Also Read: Shiba Inu News: 4 Trillion SHIB Worth $32 Million Moved To Binance, Price To Fall?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- First Hyperliquid ETF Launch ‘Imminent’ as Bitwise Files Amended S-1 With SEC
- XRP News: Ripple’s RLUSD Eyes Wider Adoption as Stablecoin Expands to Coinbase’s L2 Base
- Breaking: Michael Saylor’s Strategy Buys 10,645 Bitcoin as Crypto Market Braces for Japan Rate Hike
- Breaking: Institutional Tokenization on Ethereum Expands as JPMorgan Launches Onchain Fund
- World’s Highest IQ Holder Projects $100 XRP in 5 Years, What Does He Know?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
- Will Bittensor Price Break Above $400 After First TAO Halving Tomorrow?
- Expert Predicts Bitcoin Price Crash to $75k as ETF Inflows Fall, Treasury Companies Plunge 83%
- HYPE Price Jumps 8% as Open Interest Hits $1.61B — Is $50 Next?
