The popular trading platform Robinhood has announced that it will delist three cryptocurrencies: Cardano (ADA), Polygon (MATIC), and Solana (SOL). The decision came after a review, and support for these assets will end on June 27th.
Robinhood said that users will still be able to buy, sell, hold, and transfer these tokens until the deadline. It added that no other coins will be affected by this change.
After June 27th, any remaining ADA, MATIC, and SOL in users’ Robinhood Crypto accounts will be sold at market value, and the proceeds will be credited to their Robinhood buying power or withdrawn to their linked bank accounts.
Robinhood is an online brokerage platform that offers commission-free trading for stocks, options, exchange-traded funds (ETFs), and select cryptocurrencies. It was founded in 2013 and is known for its user-friendly interface, making it accessible to individual investors.
Robinhood allows users to buy and sell various financial instruments through its mobile app or web platform. It aims to make investing more accessible to a wider audience by eliminating trading fees and offering a simplified trading experience.
SEC, Binance, and Coinbase
It’s no surprise that Robinhood is delisting these three cryptocurrencies shortly after the US Securities and Exchange Commission sued Binance and Coinbase individually for illegally operating crypto services without proper registration.
In the suit against Binance, the SEC revealed that Solana, Polygon, Cardano, and other altcoins were securities, thus requiring them to be treated in accordance with the laws governing such assets.
This has sparked various responses from the cryptocurrency community, with some individuals advocating that the SEC is opposing the crypto industry instead of implementing necessary regulations.
Coinbase’s CEO, Brian Armstrong, stated that the SEC has no grounds to prosecute Coinbase since there are no established regulations specifically designed for the crypto industry. “The SEC and CFTC have made conflicting statements and don’t even agree on what constitutes a security and what constitutes a commodity,” he noted