The recent crackdown on cryptocurrency exchanges and other digital assets has caused a stir in the cryptocurrency ecosystem, leading to the collective decision by major firms to delist affected tokens.
Revolut, a leading crypto exchange platform, recently announced that it will be delisting three major digital assets – Cardano (ADA), Polygon (MATIC), and Solana (SOL) – from its platform. The firm reached out to its customers with an email, informing them that U.S. based users will no longer be able to purchase these tokens.
The email further stated that users can still hold or sell their tokens until a certain timeframe, after which Revolut will automatically sell them and deposit the proceeds back into their accounts.
This delisting is a result of the changing laws and regulations around cryptocurrency in the U.S., as explained by Revolut in the email. Similarly, Robinhood, a cryptocurrency and stock trading platform, delisted the affected tokens after the SEC classified them as unregistered securities.
The delisting of ADA, MATIC, and SOL is unlikely to have a major effect on Revolut as it currently supports more than 70 tokens across its platform. Moreover, the delisted assets can still be accessed by users in other markets.
Apart from ADA, MATIC, and SOL, the SEC has also classified other altcoins, such as Filecoin (FIL), BNB Chain (BNB), Internet Computer (ICP), Binance USD (BUSD), Cosmos (ATOM), Algorand (ALGO), and Dash (DASH) as unregistered securities.
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