Fintech trading app Robinhood has decided to delist three cryptocurrencies following a crackdown by the Securities and Exchange Commission on cryptocurrency exchanges.
As of June 27, 6:59 p.m., the organization no longer supports Solana (SOL), Polygon (MATIC), or Cardano (ADA). Users can transfer these cryptocurrencies until this deadline. The firm then sells the coins at market value and marries the amount to the owner’s purchasing power, Robinhood.
“No other coins have been touched and your crypto is still safe on Robinhood,” the firm wrote in a statement on Friday.
The move comes three days after the company’s chief compliance officer, Dan Gallagher, said it was reviewing SEC charges against crypto exchange giants Binance and Coinbase. Gallagher testified to the House Agriculture Committee that even if the firm obtains a broker-dealer license to trade securities, it may not be able to trade securities that are not registered with the SEC, such as Solana, Polygon and Cardano.
© 2023 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not intended to be used as legal, tax, investment, financial or other advice.
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