Following the SECs crackdown on a handful of altcoins, leading crypto exchange platforms like Revolut have begun to delist major crypto assets. 
Henceforth, U.S. based Revolut users will no longer be able to purchase Cardano (ADA), Polygon (MATIC), and Solana (SOL) on the platform. 

The cryptocurrency ecosystem is experiencing major pushback from different angles, following the crackdown on cryptocurrency exchanges and other digital assets.
As a result, leading cryptocurrency firms have collectively decided to delist affected tokens.

Most recently, Revolut, a leading cryptocurrency exchange platform announced that it will be delisting three major digital assets. The crypto firm reached out to customers in an email, revealing that it will no longer support Cardano (ADA), Polygon (MATIC), and Solana (SOL).

As such, U.S based Revolut users will no longer have access to now delisted assets. At present, users can no longer purchase the aforementioned assets. In the long-term, users will not be able to hold or even sell these assets. It is worth noting that users who fail to sell their tokens before within a certain timeframe will not lose their assets. Revolut intends to automatically sell their tokens and deposit the proceeds back into users accounts.

Although the announcement does not reveal the due trade for selling and trading, it reads ;

Hi, We’re letting you know that we’ll be delisting Cardano (ADA), Polygon (MATIC), and Solana (SOL) from our crypto platform… As of today, you can no longer buy any more of these tokens, but you’ll still be able to hold and sell until..

Revolut is still committed to supporting over 80 assets on its platform

Explaining the reasoning behind the move, Revolut said the following :

“Our U.S crypto services provider has decided to delist these tokens due to the changing laws and regulations around cryptocurrency in the US. Because of this, we’ll no longer be able to process your buy and sell orders for these tokens.”

Like Revolut, Robinhood recently withdrew support for ADA, MATIC and and SOL. The cryptocurrency and stock trading platform delisted the assets right after the SEC classified them as unregistered securities. Like Revolut, Robinhood will sell the assets of users who would prefer to not sell their assets.

Delisting ADA, MATIC and SOL might only do little harm to the platform as it currently supports more than 70 tokens across its platform.

Notably, the SEC also classified other altcoins as unregistered assets. They include, but are not limited to
Filecoin (FIL) BNB Chain (BNB), Internet Computer (ICP),Binance USD (BUSD), Cosmos (ATOM), Algorand (ALGO), Dash (DASH).

Meanwhile, a spokesperson from Revolut explained that the delisted assets will still be available to customers in puked countries. The spokesperson said.

“There are no plans to delist these tokens in other markets, where they remain available. The European Economic Area plus the United Kingdom has over 115 cryptocurrencies and the U.S. has over 33.”

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Filed under: Bitcoin - @ July 2, 2023 6:20 pm