Revolut is moving to delist Solana (SOL), Polygon (MATIC), and Cardano (ADA) in the United States after the three tokens were listed as securities by the Securities and Exchange Commission last month.
The platform said that it is moving to delist the tokens by September 18. Users who hold the tokens will have until then to sell them before Revolut sells them at the market price of that day, and deposit the proceeds into their accounts.
After September 18, U.S. users will no longer be able to buy, sell, or hold the tokens on their Revolut accounts.
A spokesperson for Revolut told Decrypt that the move was in response to “changing laws and regulations around cryptocurrency” in the United States.
They did not specifically point to the SEC’s recent lawsuits against Binance or Coinbase at the beginning of June when the agency listed the three tokens among a dozen others it deemed securities.
Since the SEC made its move, prices for SOL, MATIC, and ADA have failed to recover to their pre-lawsuit levels. The three altcoins together have a combined market capitalization of over $24 billion, according to CoinGecko data.
The lawsuits are only beginning to play out in the courts, but the ripple effect appears to have scared other platforms into delisting the tokens to avoid falling afoul of regulators.
Three days after the SEC’s regulatory double-tap, Robinhood said it would stop supporting Solana, MATIC, and Cardano by June 27. A few days later, financial trading platform eToro told its U.S. customers that they would no longer be able to purchase MATIC or three other altcoins targeted by the agency.
Customers would still be able to sell and hold on to them, according to the company.
For its part, Revolut said that it provides access to tokens through its digital services provider Bakkt, which announced that it would delist them on June 16 over what it said was a lack of regulatory clarity.
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Source: https://decrypt.co/147165/revolut-to-delist-solana-polygon-cardano-sec-security-label
