• Financial app Revolut is no longer allowing US customers to trade Solana (SOL), Cardano (ADA) and Polygon (MATIC).
• The delisting comes after the U.S. Securities and Exchange Commission labeled the tokens as unregistered securities in separate lawsuits filed last month against top crypto exchanges Coinbase and Binance.
• Other platforms have made similar moves since the SEC lawsuits, such as Robinhood delisting the same three tokens last month and eToro halting purchases of layer-2 scaling solution Polygon along with other altcoins.
Revolut Drops Altcoins Amid Regulatory Crackdown
Financial app Revolut has announced that it is no longer allowing US customers to trade Solana (SOL), Cardano (ADA) and Polygon (MATIC). This move follows a regulatory crackdown by the U.S. Securities and Exchange Commission (SEC).
SEC Labels Tokens as Unregistered Securities in Lawsuits Against Crypto Exchanges
The SEC has labeled these tokens as unregistered securities in separate lawsuits filed last month against top crypto exchanges Coinbase and Binance. As a result, Revolut’s US customers must sell or move their tokens off the platform before Sept 18th, after which they will be automatically sold at market price with proceeds deposited into their accounts.
Other Platforms Make Moves Following SEC Lawsuits
Other platforms have also been affected by this regulatory crackdown: Robinhood delisted the same three tokens last month, while social trading platform eToro halted purchases of layer-2 scaling solution Polygon along with smart contract platform Algorand (ALGO), metaverse Decentraland (MANA) and privacy-focused protocol Dash (DASH).
Retail Investors Remain Active Despite Regulatory Uncertainty
Despite this uncertainty surrounding crypto regulations, Mike Novogratz, founder of Galaxy Digital Holdings, believes that retail investors remain active on apps like Square, Robinhood and Revolut due to constant “hodling” activity.
The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets; nor are they investment advisors. Transfers and trades are done at your own risk; any losses incurred are your responsibility alone