Popular trading platform Robinhood has recently delisted MATIC, the native cryptocurrency of the Polygon network. The delisting decision sent shockwaves through the crypto community, leading to a massive transfer of over 22.5 million MATIC tokens within the past 24 hours.
As a result, the price of MATIC plummeted by 24% during this period. The transfer of tokens primarily occurred from the Robinhood address controlled by Jump and involved intermediary exchanges Cumberland and B2C2 before finally being deposited into Binance and Coinbase.
The decision to delist MATIC has raised questions and concerns among cryptocurrency enthusiasts, prompting many to wonder why Robinhood made such a move. While Robinhood has not released an official statement regarding the delisting, speculation suggests that it may be due to regulatory considerations.