Commission-free trading platform Robinhood has announced it will delist a number of assets from its platform that have been deemed unregistered securities by the U.S. Securities and Exchange Commission (SEC).
The digital assets being delisted are Cardano (ADA), Polygon (MATIC), and Solana (SOL), with the move coming in light of the SEC’s recent lawsuits against leading cryptocurrency exchanges Binance and Coinbase.
Robinhood’s decision, slated to go into effect on June 27, 2023, came with a comprehensive timeline and detailed explanation, outlining the implications for its broad user base. The trading platform assured its users that until the set deadline, they could continue transacting in ADA, MATIC, and SOL.
However, Robinhood cautioned that any residual ADA, MATIC, and SOL in its users’ crypto wallets post-deadline will be liquidated at market prices. The revenue generated from these transactions will be credited to the users’ Robinhood accounts, ready for future trading activity on the platform.
This decision is exclusive to ADA, MATIC, and SOL, leaving other cryptocurrencies listed on Robinhood untouched. Robinhood’s move is seen as a precautionary measure in response to the SEC’s recent charges against Binance and Coinbase.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/jun/12/
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