The crypto country now seems to have largely recovered from the earlier storm that was founded by the American Securities and Exchange Commission (SEC). Both the prices and the overall sentiment are currently in a much better shape than a few weeks ago when it was announced that the SEC is taking both Binance and Coinbase to court.
The US regulator labeled a huge mountain of altcoins as securities in these indictments, which created a fair amount of fear in the market at the time. As a result of the regulatory uncertainties, major US platforms such as Robinhood and eToro have already decided to take action and remove some altcoins. Now is the baton for that matter passed to Revolution.
Delisting cardano, solana and polygon
Robinhood, one of the most popular crypto trading platforms in the United States, was the very first party to take action following the SEC charges. Indeed, on June 9, it announced that cardano (ADA), solana (SOL) and polygon (MATIC) will no longer be available on the platform.
Israeli trading exchange eToro followed Robinhood in that regard by ending support for algorand (ALGO), decentraland (MANA), polygon, and dash (DASH).
Now it’s the turn of Revolut, a London-based FinTech startup that has grown into one of the world’s largest neobanks, to announce similar measures. Revolut entered the crypto landscape in 2017 and has since expanded its footprint in the industry. Currently, it offers various crypto services and users can access over 100 different cryptocurrencies.
However, the offer will now be reduced for all US users, as cardano, solana and polygon will no longer be available to them. The news was shared by email to all affected Revolut users this week.
Consequences Revolut users
Specifically, the news means that US users will no longer be able to trade the three popular altcoins. All existing positions in ADA, SOL and MATIC that have not been sold before September 18th will be automatically marketed at market price and the proceeds will then be deposited into the revolut accounts in US dollars.
The email also stated that the decision was “due to changing cryptocurrency laws and regulations in the US.” A Revolut spokesperson said that the coins are being removed because its US crypto service provider, Bakkt, recently ended support for these crypto assets.