As of June 27, 2023, support for the three cryptocurrencies will be discontinued.
Robinhood presently offers only 18 cryptocurrencies.
Robinhood announced on Friday that it would cease supporting some of the cryptocurrencies it is currently offering on its platform, possibly as a result of the U.S. Securities and Exchange Commission’s (SEC) lawsuits against two of the top crypto exchanges, Binance and Coinbase, recently.
In spite of the fact that Cardano (ADA), Polygon (MATIC), and Solana (SOL) are all in the top 10 currencies in terms of market capitalization, the company has made the decision to end support for these cryptocurrencies. It is not clear if the platform would remove other cryptocurrencies from its offering or not.
SEC Crackdown After Effects
The cryptocurrency market is moving more or less sideways in anticipation of the US Federal Reserve’s interest rate decision on June 14, 2023, but none of the three coins, Cardano (ADA), Polygon (MATIC), or Solana (SOL), showed any immediate response to the announcement of Robinhood delisting.
Although the firm did not state the litigation against Coinbase and Binance as the basis for the delisting, that is widely believed to be the case. Several crypto tokens have already been approved as securities by the US Securities and Exchange Commission.
Moreover, since the recent litigation, the regulatory office has added 16 more tokens to the 67 it already considered securities. The business said that as of June 27, 2023, support for the three cryptocurrencies will be discontinued on Robinhood crypto.
The organization stated:
“Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET. No other coins are affected and your crypto is still safe on Robinhood.”
Furthermore, Bitcoin, Ethereum, Litecoin, Dogecoin, and Shiba Inu, among others, will still be tradeable on the platform, however. Robinhood presently offers only 18 cryptocurrencies and with the above three gone, it comes down to 15.