Robinhood, the popular investment platform, has announced that it will no longer support Cardano (ADA), Polygon (MATIC), and Solana (SOL) cryptocurrencies starting from June 27th, 2023, at 6:59 PM ET. This decision by Robinhood comes in response to the U.S. Securities and Exchange Commission’s (SEC) determination that a significant number of tokens listed on Coinbase and Binance are classified as securities.
The move by Robinhood to end support for these specific cryptocurrencies indicates the increasing regulatory scrutiny surrounding the cryptocurrency market. As a result, Robinhood has decided to delist Cardano (ADA), Polygon (MATIC), and Solana (SOL) from its trading platform.
Robinhood, known for its user-friendly interface and accessibility, currently offers a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin SV (BSV), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), Compound (COMP), Chainlink (LINK), Uniswap (UNI), Avalanche (AVAX), Stellar (XLM), USD Coin (USDC), Tezos (XTZ), and Aave (AAVE). These cryptocurrencies will continue to be available for trading on the Robinhood platform.
The decision to terminate support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) comes as Robinhood aims to comply with regulatory requirements and ensure a secure and compliant trading environment for its users. The U.S. SEC’s recent determination that certain tokens on Coinbase and Binance are securities has prompted Robinhood to take proactive measures in line with regulatory guidelines.
In a statement, Robinhood expressed its commitment to providing its users with access to a variety of cryptocurrencies while adhering to applicable regulations. The company believes that by complying with regulatory standards, it can foster a more transparent and trustworthy environment for cryptocurrency trading.
