SEC-oriented developments in the crypto money world in recent days also affect the platforms. Accordingly, Robinhood took a decision. 3 Altcoins are being delisted. Let’s look at the details.
Robinhood move
The steps taken by the SEC towards Binance and Coinbase continue to have an impact. Accordingly, the American financial services company Robinhood had to make a statement today. Robinhood has announced that it will end support for some of the crypto market tokens it currently offers on its platform. The company said that its review of crypto offerings led to its decision to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL), all of which are coincidentally the top 10 coins by market size. There is no word yet on whether the platform will expand the delisting to some other cryptocurrencies. The statement made by the company includes the following statements:
“Based on our last review, we have decided to end our support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) on June 27, 2023 at 6:59 pm. No other coins are affected and your cryptocurrency is still safe at Robinhood.”
However, the platform will continue to support the trading of Bitcoin, Ethereum, Litecoin, Dogecoin and Shiba Inu, among others.
What does the announcement mean?
The announcement shared today confirmed the Robinhood-focused rumors. It also confirmed the possibility of delisting assets designated as securities by the SEC. In light of the update, the trading platform advised its users to transfer their assets before the deadline. The exchange stated that users will be able to transfer affected cryptos until the said date. However, he emphasized that the funds of users who refuse to carry their funds will be liquidated at the market rate. He also said that the funds will be deposited into Robinhood purchasing accounts.
Given the history of the cryptocurrency ecosystem, it’s not uncommon for exchanges to boldly delist tokens that the SEC has labeled as a security. Coinbase exchange, which is now under intense scrutiny by the market regulator, did the same. He once found himself in this dilemma when it comes to XRP. In December 2020, when the regulator filed a lawsuit against Ripple Labs, the Coinbase exchange had delisted the XRP coin that was accused at the time. It also emerged as one of the many trading platforms that turned their backs on the digital currency at the time. Staying on the right side of the law remains a goal for Robinhood. Also, when we look at Kriptokoin.com, as a brokerage house that adopted digital currencies only a few years ago, it seems that the loyalty to the affected tokens is not very deep. Now it is a question of whether other exchanges can join Robinhood.
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