Revolut delists ADA, MATIC, SOL
The SEC has claimed that SOL, MATIC and ADA are securities
Voar Designs/Shutterstock modified by Blockworks
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.
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