In response to evolving regulatory developments in the United States, crypto-friendly neobank Revolut has announced its decision to delist Cardano (ADA), Polygon (MATIC), and Solana (SOL) from its platform in September. The move comes as other major exchanges like Robinhood, eToro, and Bakkt have also halted purchases of these tokens.
Revolut notified its U.S. customers on June 29, stating that buying ADA, MATIC, and SOL is no longer available. However, users will still be able to hold and sell these tokens until September 18. Any remaining tokens will be sold by Revolut on behalf of the customers at the market price, with the USD proceeds deposited into their Revolut accounts.
The decision to delist these tokens stems from changes in Revolut’s U.S. infrastructure, according to the company. Its U.S. crypto services provider has chosen to remove these tokens due to the shifting laws and regulations surrounding cryptocurrency in the country. It is important to note that Revolut continues to support ADA, MATIC, and SOL in jurisdictions outside the United States where they remain available for trading.
Revolut spokesperson highlighted the significant variation in the number of supported cryptocurrencies across different locations. While the European Economic Area and the United Kingdom have over 115 cryptocurrencies available, the U.S. market offers more than 90 cryptocurrencies through Revolut’s platform.
The delisting of ADA, MATIC, and SOL as unregistered securities follows actions taken by the U.S. Securities and Exchange Commission against major exchanges such as Binance and Coinbase. These tokens were labeled as unregistered securities, prompting various platforms to halt their purchase options.
While the focus of the delisting is specific to the U.S. market, Revolut’s decision reflects the challenges faced by cryptocurrency exchanges and neobanks in navigating the evolving regulatory landscape. These developments underscore the need for further clarity and regulation within the cryptocurrency industry.
In conclusion, Revolut US has announced the delisting of ADA, MATIC, and SOL tokens from its platform for U.S. customers due to changing laws and regulations surrounding cryptocurrencies in the country. Customers will be able to hold and sell these tokens until mid-September, after which any remaining tokens will be sold on their behalf.