Report: Revolut to Delist Polygon, Solana, and Cardano Amidst Evolving US Regulations
According to a report published on Monday, the British fintech firm Revolut plans to delist the cryptocurrency assets polygon, solana, and cardano from its U.S.-based platform. Revolut cited evolving regulations in the United States, and users will need to sell the three tokens by September 18th.
Revolut Joins Bakkt, Robinhood, and Etoro in Delisting Specific Crypto Assets
Revolut is joining the ranks of Bakkt, Robinhood, and Etoro as it plans to delist polygon (MATIC), solana (SOL), and cardano (ADA), according to a report by Yogita Khatri from The Block. The report reveals that Revolut sent an email to its U.S. customers, stating that the decision was prompted by “changing laws and regulations around cryptocurrency in the [United States].”
Revolut, based in London, United Kingdom, was founded on July 1, 2015, by Nikolay Storonsky and Vlad Yatsenko. Over the past eight years, the company’s neobanking business has grown significantly, with a presence in North America, Europe, and the Asia-Pacific region. As per Khatri’s report, Revolut informed the publication that one of the reasons for delisting the coins is the decision by Revolut’s partner, Bakkt, to delist the tokens.
Since the U.S. Securities and Exchange Commission (SEC) crackdown on exchanges such as Bittrex, Coinbase, and Binance, numerous crypto assets have been categorized as unregistered securities by the regulatory agency. MATIC, SOL, and ADA have been implicated in the SEC lawsuits and have been designated as investment contracts. In response to the lawsuits, Robinhood, Etoro, and Bakkt have all removed multiple crypto assets from their platforms, citing U.S. regulations as the reason for the decision.
The report also states that Revolut customers in the U.S. are now unable to purchase these tokens, and they have until September 18th to trade them. According to the email reviewed by Khatri, if the delisted crypto assets are not sold by that deadline, they will be liquidated at the prevailing exchange rate on that day, converting them into U.S. dollars.
What are your thoughts on Revolut’s decision to delist polygon, solana, and cardano? Do you believe evolving regulations in the United States are impacting the crypto industry positively or negatively? Share your thoughts and opinions about this subject in the comments section below.
