Leading fintech and cryptocurrency firm Robinhood has announced its decision to delist cardano (ADA), solana (SOL), and polygon (MATIC) from its platform effective June 27, 2023. The move comes as Robinhood responds to recent regulatory enforcement actions by the U.S. Securities and Exchange Commission (SEC) against industry giants Binance and Coinbase.
In a blog post released on June 9, Robinhood unveiled its plan to remove the 8th, 10th, and 11th largest cryptocurrencies by market capitalization from its offerings. The statement clarified that cardano (ADA), solana (SOL), and polygon (MATIC) would no longer be supported on the platform.
In light of increased regulatory scrutiny on Binance and Coinbase by the SEC, Robinhood has undertaken a comprehensive review of its coin listings. The company’s recent announcement to delist cardano (ADA), solana (SOL), and polygon (MATIC) was made after careful consideration. Robinhood reassured its users that their funds remained secure and that no other cryptocurrencies would be impacted by the delisting decision.
To ensure compliance and address the evolving regulatory landscape, Robinhood’s Chief Legal Compliance and Corporate Affairs Officer, Dan Gallagher, stated that the review aimed to determine the most suitable course of action for the platform and its users. By conducting this thorough assessment, Robinhood demonstrates its commitment to maintaining a safe and compliant environment for cryptocurrency trading.
Users of Robinhood who currently hold ADA, MATIC, or SOL are encouraged to take action by selling or transferring their holdings before the deadline of June 27. It is crucial for users to comply with this recommendation, as failing to do so will prompt Robinhood to sell the assets on their behalf at their fair market value. The proceeds obtained from the sale will then be credited to the users’ Robinhood buying power. It is important for affected individuals to be aware of this process and take the necessary steps to manage their holdings before the specified date to avoid any potential inconvenience.
Robinhood’s delisting of these prominent cryptocurrencies highlights the increasing pressure and scrutiny faced by industry players in the crypto space. As regulatory authorities continue to monitor the market, companies like Robinhood are taking proactive measures to ensure compliance and protect their users’ interests.