Revolut, the popular financial app, has made the decision to delist three altcoins from its platform for US customers. The altcoins in question are Solana (SOL), Cardano (ADA), and Polygon (MATIC). This decision comes after Bakkt, the digital asset marketplace, announced in June that it would be removing support for these tokens until there is more regulatory clarity.
The move by Revolut follows recent lawsuits filed by the US Securities and Exchange Commission (SEC) against top crypto exchanges Coinbase and Binance. In these lawsuits, the SEC labeled the tokens as unregistered securities. As a result, Revolut has decided to remove the tokens from its platform for US customers.
According to a Bloomberg report, Revolut’s US customers have until September 18th to sell or move their tokens off the platform. After this date, any remaining tokens will be automatically sold at the market price, and the proceeds will be deposited into the customers’ accounts. It is worth noting that Revolut has no plans to delist these tokens in markets outside of the United States.
Revolut is not the only platform to take such action in response to the SEC lawsuits. Robinhood, another popular trading app, delisted the same three tokens last month. Additionally, eToro, a well-known social trading platform, halted purchases of Polygon, along with Algorand (ALGO), Decentraland (MANA), and Dash (DASH).
These moves by various platforms reflect the cautious approach being taken by the industry in light of the SEC’s actions. However, despite the lawsuits and regulatory uncertainty, institutional investors remain wary of crypto investing. According to Mike Novogratz, the founder of Galaxy Digital Holdings, apps like Square, Robinhood, and Revolut still see constant retail buying from individual investors.
It is important to note that Revolut’s delisting decision affects only its US customers. Customers in other markets will still be able to trade and hold these tokens on the platform. This highlights the regulatory differences and challenges that exist within the global crypto industry.
As regulatory scrutiny increases, it is crucial for investors to stay informed and exercise caution when trading and investing in cryptocurrencies. The SEC’s actions serve as a reminder that the crypto market is still evolving and subject to regulatory changes.
In conclusion, Revolut’s decision to delist Solana, Cardano, and Polygon for its US customers comes in response to the SEC’s lawsuits against top crypto exchanges. The platform’s move reflects the cautious approach being taken by the industry as it awaits more regulatory clarity. Despite the challenges, retail investors continue to show interest in cryptocurrencies, as seen through constant buying on apps like Revolut. As the crypto market navigates regulatory hurdles, it is important for investors to stay informed and proceed with caution.
