Robinhood Delisted SOL, ADA, and MATIC
Robinhoo, an American-based cryptocurrency exchange, has delisted Solana (SOL), Cardano (ADA), and Ploygon (MATIC). After the Securities Exchange Commission’s (SEC) lawsuits against the aforesaid cryptos, Robinhood decided to delist them from the exchange.
The SEC lawsuits described cryptos as securities. Clarifying the delisting move, Robinhood claimed the SEC’s lawsuits create uncertainty around these assets.
On June 27, Robinhood decided to delist them from the exchange. The exchanges’ announcement created a shock and a massive fall in the price of these tokens. On the same day, Robinhood urged users to sell if they held these tokens, otherwise, they would be automatically sold at the current market price.
According to the company, the money generated from selling these tokens will be added to Robinhood’s account and can be used to buy other cryptos. As the company’s statement confirmed, no other cryptocurrencies were affected by this decision.
“You can continue to buy, sell, and hold ADA, MATIC, and SOL until the deadline. You will be able to transfer ADA, MATIC, and SOL until June 27th, 2023. (If you live in Hawaii or Nevada, you can’t buy ADA, MATIC, and SOL. If you live in New York, you can’t transfer ADA, MATIC, and SOL.)”
The teams working on Polyogn, Solana, and Cardano have rejected the SEC’s accusation. Robinhood’s move comes as the SEC is taking action against Binance and Coinbase, alleging that they are running unlawful exchanges.
Continuous Support for Clear Crypto Regulation
As Robinhood delisted these three tokens at the same time, it claimed to continuous advocate for clear crypto regulations in the U.S. America is one of the countries to have unclear regulations regarding cryptocurrency. It has also imposed a high tax on crypto trading and mining.
The latest report from CryptoQuant found that the amount of Bitcoin (BTC) held on cryptocurrency exchanges based in the United States has decreased to levels last seen in 2017. This is because BTC is being moved or lost to platforms outside of the United States.
