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Robinhood to Delist Cardano, Solana, and Polygon after SEC Crackdown

Robinhood, the well-known trading platform, has announced that it will no longer offer support for three specific cryptocurrencies starting June 27, 2023. The affected cryptocurrencies are Cardano (ADA), Polygon (MATIC), and Solana (SOL).

This decision comes shortly after the U.S. Securities and Exchange Commission (SEC) filed lawsuits against major cryptocurrency exchanges Binance and Coinbase. The lawsuits alleged that ADA, MATIC, and SOL were unregistered securities, highlighting potential compliance issues.

They shared, “Earlier this week the SEC sued crypto companies Binance and Coinbase and alleged that a number of cryptocurrencies are unregistered securities. This includes Solana (SOL), Polygon (MATIC), and Cardano (ADA), which are currently supported on the Robinhood Crypto platform.”

Robinhood added, “We regularly review the crypto we offer on Robinhood,” the firm shared in an update. Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6: 59 PM ET.”

Prior to the delisting of Cardano, Polygon, Solana, users have the option to withdraw their assets if they prefer not to have them sold. However, it’s important to note that the ability to withdraw these crypto assets may not be available in all states.

“Any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value, and the proceeds will be credited to your Robinhood buying power,” the company added.

The Solana Foundation addressed the claim that Solana (SOL) is a security on Thursday, asserting that SOL is, in fact, a community-driven project that depends on decentralized engagement from its users and developers. 

Dan Gallagher, Chief Legal Compliance Officer at Robinhood and a former SEC commissioner, had earlier said that they are “actively reviewing the SEC analysis to determine what, if any, actions to take in that regard.”

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