Revolut Takes Action: Delisting Cryptos in the US due to Regulatory Changes

Jul 3, 2023 2:37 PM

Binance, Cardano, Coinbase, Crypto, Crypto Market, Crypto Regulations, Cryptocurrency, Solana

Revolut Discontinues Support for ADA, MATIC, and SOL Tokens on US Platform

Revolut, the digital banking service, has announced that it will no longer support Cardano’s ADA, Polygon’s MATIC, and Solana’s SOL tokens on its US platform due to regulatory changes surrounding cryptocurrency in the United States. This decision comes after Revolut’s US crypto services provider, Bakkt, delisted these tokens as well. The changes went into effect immediately, with complete cessation of custodial support for these tokens scheduled for September 18.

Key points:

– Revolut is discontinuing support for ADA, MATIC, and SOL tokens on its US platform due to regulatory changes.
– Bakkt, Revolut’s US crypto services provider, also delisted these tokens.
– The tokens will still be listed on other markets where they are available.
– Robinhood made a similar decision to discontinue support for ADA, MATIC, and SOL tokens following the SEC’s lawsuits against Binance and Coinbase.
– eToro is also discontinuing support for MATIC, along with three other tokens named in the SEC’s lawsuits.

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The SEC argues that ADA, MATIC, and SOL tokens may be classified as securities due to certain characteristics. Revolut and other platforms are navigating regulatory uncertainty surrounding these tokens.

Hot Take:
Revolut’s decision to discontinue support for ADA, MATIC, and SOL tokens on its US platform is a response to the changing regulatory landscape in the United States. This move reflects the challenges that platforms face in terms of compliance and regulatory clarity. It remains to be seen how these tokens will be classified and regulated in the future.

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