Cryptocurrency neobank Revolut is set to delist several digital assets from its platform in the United States, including Cardano (ADA), Polygon (MATIC), and Solana (SOL), due to regulatory changes in the country. The decision was communicated to Revolut’s U.S. customers on June 29, with immediate closure of buying options for these tokens. However, customers will still be allowed to hold and sell these tokens until September 18. Revolut stated that the delisting is a result of developments in its U.S. infrastructure and the changing laws and regulations in the cryptocurrency space.
A spokesperson for Revolut reaffirmed the bank’s support for ADA, MATIC, and SOL in jurisdictions outside the United States, emphasizing that there are no plans to delist these tokens in other markets where they remain available. The spokesperson also disclosed that the number of supported cryptocurrencies on Revolut varies greatly by location. For instance, the European Economic Area and the United Kingdom offer over 115 cryptocurrencies, while the United States has access to more than 90.
Revolut’s decision to delist ADA, MATIC, and SOL aligns with recent actions taken by other companies in the industry. Robinhood, eToro, and Bakkt have also announced delistings of these tokens, effectively halting purchases. The delistings came in response to the U.S. Securities and Exchange Commission (SEC) labeling ADA, MATIC, and SOL as unregistered securities in early June. These allegations were part of separate actions against major cryptocurrency exchanges, Binance and Coinbase.
It is worth noting that this delisting only affects Revolut’s U.S. customers, as the bank continues to provide support for the mentioned tokens in other markets. The delisting reflects the increasing regulatory scrutiny on cryptocurrencies in the United States, as authorities aim to ensure compliance and protect investors.
Related Post
Revolut’s approach highlights the challenges faced by cryptocurrency companies operating within a rapidly evolving regulatory landscape. While many regulators aim to foster innovation in the industry, they also strive to establish guidelines and protect consumers from potential risks and scams. Consequently, companies like Revolut must adapt to new regulations and working relationships with service providers to ensure compliance and maintain their operations.
Overall, Revolut’s decision to delist ADA, MATIC, and SOL in the United States underscores the impact of regulatory developments on the cryptocurrency market. As the industry continues to mature and gain mainstream adoption, regulatory compliance will play a crucial role in the trajectory of cryptocurrencies and their integration into existing financial systems.
