Revolut has become the latest trading platform to progress towards delisting three cryptocurrencies, Cardano’s ADA, Polygon’s MATIC, and Solana’s SOL, on behalf of its customer in the United States. However, the platform will continue to support these tokens outside the US.
Revolut Slashes US Crypto Offering
Users in the country can no longer buy these three tokens and have to sell their holdings by September 18, or else the platform will automatically liquidate all positions with any of these three tokens at the specified deadline.
The delisting was prompted by the regulatory scrutiny over the three names tokens. In the two lawsuits against Binance and Coinbse, the US Securities and Exchange Commission (SEC) termed these three tokens, among several others, as unregistered securities.
“Our US crypto services provider has decided to delist these tokens due to the changing laws and regulations around cryptocurrency in the US. Because of this, we’ll no longer be able to process your buy and sell orders for these tokens,” Revolut told its customers.
‘Unregistered Securities’
According to the SEC, the token-burning mechanism of Solana and Polygon has encouraged investors to invest in them with the expectation of gaining a profit. Apart from Revolut, several other platforms, including Robinhood and eToro, delisted several of these cryptocurrencies that are potentially ‘unregistered securities’.
From 6:00AM ET on Wednesday July 12th, 2023, US customers will no longer be able to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH) and Polygon (MATIC). Customers can continue to hold and sell existing positions in these coins. (2/5)
— eToro US (@eToroUS) June 12, 2023
The latest delisting of the three tokens on Revolut might accelerate the process of delisting due to its crypto partner Bakkt, which has already decided to delist the three tokens in mid-June.
Revolut, ranked among the most valued fintech firms, enhanced its services around cryptocurrencies last week by cutting trading fees on its platform from 1.99% to 1.49%, while 'premium' and 'metal' customers will see their fees lowered from 1.49% to 0.99%. These changes came following customer feedback on the platform’s services. Revolut has been offering cryptocurrency trading since November 2017.
This article was written by Arnab Shome at www.financemagnates.com.
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