From June 27, the cryptocurrency platform of the online broker Robinhood stop support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) cryptocurrencies.
After the designated date, the respective assets of users are automatically converted into fiat.
Until June 27, owners can buy, sell, store and transfer ADA, MATIC and SOL.
The company did not explain the reasons for the decision. June 5 SEC filed sued the Binance bitcoin exchange and its CEO Changpeng Zhao, the next day the regulator filed claims against Coinbase. In both cases, the agency classified ADA, MATIC, and SOL as securities-like assets.
During hearings in the US Congress on June 6, Robinhood’s director of compliance, Dan Gallagher, acknowledged that the platform is monitoring the Commission’s activity regarding the possible delisting of any assets.
Robinhood Crypto also supports BTC, ETH, LTC, ETC, BSV, BCH, DOGE, SHIB, COMP, LINK, UNI, AVAX, XLM, USDC, XTZ, and AAVE. These coins do not appear in the SEC lawsuits.
Recall that in the first quarter, the platform’s income from transactions related to cryptocurrencies fell by 30% in annual terms, to $38 million.
Source: Cryptocurrency
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