Robinhood, an American trading platform, has revealed its plans to stop supporting certain cryptocurrencies. Effective June 27, 2023, at 06:59 PM (ET), Robinhood will no longer offer services for Cardano (ADA), Solana (SOL), and Polygon (MATIC). The decision was made after a review of the platform’s cryptocurrency offerings.
Following the U.S. Securities and Exchange Commission (SEC) labeling several cryptocurrencies as unregistered securities, Robinhood, the trading app, has informed its users that they will no longer be able to trade the above-mentioned tokens on its platform.
Attorney Bill Morgan, who often shares interesting insights about the ongoing XRP vs SEC lawsuit, took to his Twitter handle to answer a query raised by Paul Barron.
Paul wrote on Twitter, “@RobinhoodApp just ended support for @solana @0xPolygon @Cardano is @coinbase next for these assets – where will Americans decide to go? 1. Self Custody 2. Sell Tokens 3. Move Off Shore.”
Replying to Paul, Bill said, “You ask if @Coinbase is next to end support for these cryptos. Coinbase only ceases trading of assets that contain the letters XRP.”
This decision comes shortly after the SEC filed a lawsuit against Binance and its CEO, Changpeng Zhao, making various allegations.
The lawsuit specifically mentions Cardano (ADA), Polygon (MATIC), Solana (SOL), Cosmos Hub (ATOM), Filecoin (FIL), Decentraland (MANA), Algorand (ALGO), The Sandbox (SAND), Coti (COTI), Axie Infinity (AXS), as well as the BUSD and BNB stablecoins, identifying them as securities.
However, Robinhood has limited its delisting action to SOL, ADA, and MATIC, reassuring its users that no other coins will be affected and will remain secure on the platform.
“Any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value, and the proceeds will be credited to your Robinhood buying power,” the company said in its blog.