Revolut US Set to Delist Cardano, Polygon, and Solana in September
The London-based neobank Revolut has announced plans to delist three crypto assets from its US platform. The financial institution lamented that the current regulatory tussle in the United States had compelled the firm to make the difficult decision.
In a notice dated June 29, the Revolut team stated that from September 2023, Cardano, Polygon, and Solana would be removed from its US platform. The crypto-friendly bank informed US customers about the impending change on the platform.
Revolut to Suspend Supporting Cardano, Polygon, and Solana
In the meantime, the Revolut team has suspended buying the three crypto assets. However, the bank has encouraged the user to trade the three tokens before September 18.
In the announcement, the Revolut team confirmed that from the set date, the bank would close a sale deal for ADA,SOL,and MATIC tokens that will be remaining on the platform. The Revolut team will sell the three tokens using the September market price. The report mentioned that the income generated from the sale of ADA,SOL,and MATIC would be deposited to respective Revolut accounts.
The Revolut news has sparked heated debates among the crypto community. Commenting on this, the Revolut team stated that the bank plans to expand its US infrastructure. Citing the change in the US crypto regulatory landscape, the Revolut group has considered delisting the three crypto assets.
However, the Revolut team pledged to continue supporting the listing of ADA,SOL,and MATIC in other jurisdictions except for the US. An announcement conveyed by a Revolut spokesperson confirmed that the financial institution has no plans to remove these tokens from other jurisdictions.
He restated that ADA,SOL,and MATIC will continue to be available in other markets outside the US. However, the Revolut team had earlier stated that the support provided by the financial institution varies per location.
Impact of the US Regulatory Uncertainity
The spokesperson mentioned that over 115 crypto assets were listed on the Revolut European bloc and the United Kingdom. On the other hand, the Revolut US team has listed more than 33 cryptos.
A few days ago, the California crypto trading platform Robinhood announced plans to suspend supporting ADA,SOL,and MATIC due to regulatory pressure in the US.
The Robinhood platform had requested the users to sell off their assets before June 27. The Robinhood move mirrors compliance measures undertaken by eToro and Bakkt. The US Securities and exchange commission (SEC) had earlier classified over 20 crypto assets as securities.
The SEC June 6 report illustrated that the number of crypto assets grouped as securities reached 68. In a submission made at the Columbia District Court, the SEC argued that ADA,SOL,and MATIC operated as unregistered securities.
In a separate report, Cardano and Solana vehemently rejected SEC claims that ADA and SOL were securities. The Cardano development company IOG described the SEC crypto listing report as inaccurate. On the contrary, the Solana Foundation requested the SEC to provide regulatory clarity on crypto assets.
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