After SEC classified ADA, MATIC, and SOL as unregistered securities, more and more crypto-related companies are delisting these digital assets.
Revolut, the neobank known for cryptocurrency support, is set to remove certain digital assets from its US platform.
According to the letter sent to its US-based customers on June 29th, the move is influenced by the unfolding crypto-related regulatory scenario in the United States.
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Revolut plans to fully delist cryptocurrencies like Cardano (ADA), Polygon (MATIC), and Solana (SOL) from its platform in September.
Following the announcement, the company immediately suspended the purchase of ADA, MATIC, and SOL for all customers. However, the users will retain the ability to hold and sell these tokens until September 18th. In a note to the US clientele, Revolut stated:
Any remaining tokens will be sold on your behalf using the market price at the time of sale. We’ll deposit the USD proceeds into your Revolut account.
Revolut's spokesperson further explained that the delisting stems from modifications in Revolut's US infrastructure and the decision of their US crypto services provider to delist these tokens.
However, this delisting decision is exclusive to the United States. The spokesperson reassured that ADA, MATIC, and SOL continue to be supported in jurisdictions outside the US, stating:
There are no plans to delist these tokens in other markets, where they remain available.
The representative also mentioned that the range of supported cryptocurrencies on Revolut varies considerably by location. In the European Economic Area and the United Kingdom, the firm supports over 115 cryptocurrencies, while in the US, it supports over 33 digital assets.
Revolut is not the only company taking this step. Over the past weeks, Robinhood, eToro, and Bakkt have also delisted these tokens, promptly halting purchases.
Earlier in June, ADA, MATIC, and SOL were classified as unregistered securities by the US Securities and Exchange Commission. This classification came as a part of two separate actions against prominent cryptocurrency exchanges, Binance and Coinbase.
Revolut's move mirrors a broader trend within the industry as companies continue to adjust to the dynamic regulatory landscape.
