Revolut announces delisting of SOL, MATIC and ADA
Revolut is taking the step after its US-based partner Bakkt recently delisted the tokens.
MATIC, ADA and SOL will however still be available on Revolut across other markets.
Robinhood and eToro have recently also announced similar token delistings.
Revolut will end support for three major cryptocurrencies, the crypto-friendly bank has told its customers in the United States.
The company said in a notice emailed to US customers that it will be delisting Cardano (ADA), Polygon (MATIC) and Solana (SOL). The “financial super app” added a host of tokens in early 2021 as demand skyrocketed amid the crypto bull market.
Revolut’s US partner delisted the tokens
London-based Revolut’s decision to delist ADA, MATIC and SOL comes as the company responds to the prevailing regulatory environment in the US.
The past few months have seen the US Securities and Exchange Commission (SEC) up its regulatory crackdown on multiple crypto platforms.
Last month’s lawsuits against Binance and Coinbase highlighted the tough regulatory landscape crypto businesses faced in the US as the industry continued to fight for clarity from relevant authorities.
After the agency, led by Chair Gary Gensler, alleged the above coins and many others were securities, Revolut’s US partner Bakkt moved to delist Polygon, Cardano and Solana. The publicly-listed crypto custodian announced the delistings in mid-June.
Revolut has advised customers to sell their holdings on the app before September 18, after which any unsold assets will be sold and the cash deposited in users’ fiat accounts.
Notably, the delisting only affects US-based users, meaning support will continue across other markets. There has also been other platforms that moved to remove various crypto tokens, including Robinhood and eToro.