Cryptocurrency-friendly neobank Revolut is next to delist a batch of digital assets on its platform in the United States amid the ongoing regulatory developments in the country.
Revolut is preparing to completely delist tokens like Cardano (ADA), Polygon (MATIC) and Solana (SOL) from its platform in September, a spokesperson for the firm told Cointelegraph.
On June 29, Revolut notified its U.S. customers about the change, stating that buying ADA, MATIC and SOL is immediately closed for all customers. Revolut users will still be able to hold and sell these tokens until Sept. 18, the representative noted.
“Any remaining tokens will be sold on your behalf using the market price at the time of sale. We’ll deposit the USD proceeds into your Revolut account,” the firm wrote in the announcement to U.S. customers.
Revolut said that the tokens are being delisted due to developments in its U.S. infrastructure.
“Our U.S. crypto services provider has decided to delist these tokens due to the changing laws and regulations around cryptocurrency in the United States,” Revolut stated.
A spokesperson for Revolut emphasized that the firm still supports the ADA, MATIC and SOL in other jurisdictions outside the United States, stating:
“There are no plans to delist these tokens in other markets, where they remain available.”
The representative also told Cointelegraph that the amount of supported cryptocurrencies on Revolut varies a lot per location. “The European Economic Area plus the United Kingdom have over 115 cryptocurrencies and the U.S. has over 33,” the spokesperson said.
Related: Era of trading crypto as non-securities is over, says exchange exec
Revolut is not alone in delisting these particular three tokens. Companies like Robinhood, eToro and Bakkt all announced ADA, MATIC and SOL delistings over the past few weeks, immediately halting purchases.
As previously reported, ADA, MATIC and SOL were labeled as unregistered securities by the U.S. Securities and Exchange Commission in early June. The allegations came as part of two different actions against major cryptocurrency exchanges, Binance and Coinbase.
Magazine: Asia Express: Huobi sues … Huobi? 3AC rises from ashes, Korea crypto contagion
Disclaimer: This article was updated to show that Revolut US has 33 tokens listed on its platform, instead of 90.
Be the first to comment