• Revolut has announced that it will delist Cardano (ADA), Polygon (MATIC) and Solana (SOL) from its US app.
• The move follows the delistings of the same tokens by Revolut’s US partner Bakkt.
• MATIC, ADA and SOL will however still be available on Revolut across other markets.
Revolut to Delist Polygon, Solana and Cardano
Revolut is taking the step after its US-based partner Bakkt recently delisted the tokens. London-based fintech company Revolut has announced that it will be delisting Cardano (ADA), Polygon (MATIC) and Solana (SOL) from its US app. The “financial super app” added a host of tokens in early 2021 as demand skyrocketed amid the crypto bull market.
Delisting Due to Regulatory Environment
The decision to delist ADA, MATIC and SOL comes as Revolut responds to the prevailing regulatory environment in the US . The past few months have seen the US Securities and Exchange Commission (SEC) up its regulatory crackdown on multiple crypto platforms with lawsuits against Binance and Coinbase highlighting the tough landscape crypto businesses face in America for clarity from relevant authorities. After allegations of securities violations with these coins, Revolut’s US partner Bakkt moved to delist them as well.
US Customers Urged To Sell Before Deadline
Revolut has advised customers to sell their holdings on the app before September 18, after which any unsold assets will be sold and cash deposited into users‘ fiat accounts. This only affects users based in America; those across other markets can still use MATIC, ADA and SOL through Revolut’s services. Other platforms have also removed various crypto tokens including Robinhood and eToro.
Other Platforms Following Suit
Robinhood and eToro have also recently announced similar token delistings due to regulatory issues. Last month’s lawsuits against Binance and Coinbase highlighted how tough regulations are for cryptocurrencies businesses trying to gain proper recognition from regulators like SEC in order for their activities not to be seen as illegal or fraudulent activities done without permission or regulation by government agencies around world countries .
Overall, this news highlights how much attention is being paid by financial companies towards regulation when dealing with cryptocurrency usage ,and shows that even big players like Revout are willing to make changes in order comply with different laws depending on their regional operations .