Revolut delists ADA, MATIC, SOL

The SEC has claimed that SOL, MATIC and ADA are securities

article-image

Voar Designs/Shutterstock modified by Blockworks

share

Revolut told US customers that it will be delisting Cardano’s ADA, Polygon’s MATIC and Solana’s SOL tokens on its platform.

“Our US crypto services provider has decided to delist these tokens due to the changing laws and regulations around cryptocurrency in the US. Because of this, we’ll no longer be able to process your buy and sell orders for these tokens,” Revolut told customers. 

Revolut uses Bakkt, which announced its plans to delist ADA, MATIC and SOL in mid-June. Revolut said that effective immediately, users will no longer be able to buy these tokens via its service. It will end custodial support for them fully on Sept. 18.

However, “there are no plans to delist these tokens in other markets, where they remain available,” a Revolut spokesperson told Blockworks via email.

“We are taking proactive action to delist three coins that could be deemed securities until there is further clarity on how to compliantly offer a more extensive list of coins,” a Bakkt spokesperson told Blockworks

Robinhood also shut down support for the same three tokens following the SEC’s lawsuits against Binance and Coinbase, citing a “cloud of uncertainty.” Support officially ended on June 27.

The regulatory agency has claimed that SOL, MATIC and ADA are part of a group of tokens that constitute securities. 

In its arguments, it claimed that SOL’s  “marketed burning” led investors to believe that they could make a profit off of their investment.

The SEC also targeted polygon’s burn marketing, saying that there are indications that the supply would decrease.

MATIC was also delisted on eToro, as well as dash, algorand and decentraland — three other tokens the SEC has targeted in its lawsuits. Support ends on July 12.

“We are committed to working closely with regulators around the world to shape the future of the crypto industry,” the company tweeted

Coinbase, in a lengthy response to the SEC’s claims, argued that the SEC can’t “seize power” as it attempts to regulate digital assets and that Congress needs to make decisions in terms of regulations.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

4.png

Research

This months PPGC covered four main areas. Firstly, debriefing the progress and status of the mainnet implementation of the Ahmedabad hard fork. Secondly, a retrospective on the testnet phase of the Ahemdabad Hard Fork. Thirdly, an update on PIP-36 which involves replaying failed state syncs. Lastly, PIP-47 which pushes upgrades to the Polygon Protocol Council.

article-image

Institutions to test out the settlement of “digital assets and currencies” on a network that annually carries more than 5 billion financial messages

article-image

After Bitwise’s XRP ETF filing this week, one industry watcher notes: “Politics will determine whether this happens soon or in a few years”

article-image

Plus, a look back at some of the SEC’s biggest enforcement moves under Gurbir Grewal

article-image

The forward-looking financial system is being championed by several contributors to India’s UPI digital money system

article-image

Multiple teams are pursuing integration cross-chain and off-chain

article-image

An SEC spokesperson told Blockworks the Ripple judgment clashes with Supreme Court precedent and securities laws