Robinhood 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.

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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.

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