Digital assets platform Bakkt, based in New York, has made the decision to delist Solana, Polygon, and Cardano due to regulatory uncertainty. The move comes as Bakkt seeks further clarity on how to compliantly offer a wider range of coins.
The delisting follows recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against major crypto exchanges Binance and Coinbase. The SEC alleged that both platforms were providing unregistered securities, including Solana, Polygon, and Cardano, to their customers.
The actions taken by the SEC have prompted other crypto platforms to reevaluate their token listings as well. Robinhood, a popular fintech app, announced last week that it would cease support for Solana, Polygon, and Cardano starting from June 27, in response to the regulator’s crackdown. Similarly, social trading platform eToro revealed on Tuesday that it would delist Polygon, Decentraland, Dash, and Algorand from its U.S. platform beginning July 12.
Bakkt had previously delisted Algorand and Decentraland in April following an SEC lawsuit against Bittrex. The platform continues to support eight other cryptocurrencies, including Bitcoin, Ether, Dogecoin, Litecoin, USDC, and Shiba Inu.