Robinhood's Email to Customers

Welp we knew it was a possibility but here is what Robinhood just sent me a few minutes ago.

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TL;DR RObinhood ending MATIC, SOL, ADA support June 26th

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Support for MATIC, SOL, ADA is ending

Earlier this week the SEC sued crypto companies Binance and Coinbase and alleged that a number of cryptocurrencies are unregistered securities. This includes Solana (SOL), Polygon (MATIC), and Cardano (ADA), which are currently supported on the Robinhood Crypto platform.

This introduced a cloud of uncertainty around these assets and, as a result, our team has decided to end support for them.

What does this mean for you?

On June 26, 2023 at 6:59PM ET we will halt withdrawals of SOL, MATIC, and ADA from Robinhood*

On June 27, 2023 at 6:59PM ET we will halt trading of SOL, MATIC, and ADA

Any SOL, MATIC, or ADA still in your Robinhood Crypto account after the deadline will be sold for market value. The proceeds will be credited to your Robinhood buying power.From now until the deadline, you can continue to sell, hold and transfer SOL, MATIC and ADA.

If you don’t want your SOL, MATIC, or ADA automatically sold, you can sell it or send it to another wallet or platform that supports these coins, as long as it is before the deadlines outlined above.

\Please note that it can take up to 7 business days for us to review your transfer enrollment application; so submit early as we will not be accepting withdrawals after June 26, 2023 at 6:59PM ET*.If you have any questions, you can contact us 24/7. Learn more about transferring your coins here.

Frequently asked questions

Is my crypto safe on Robinhood?
Yes. We protect all your crypto with industry-leading security. Nearly all of your crypto is held in cold storage, and we never lend your coins, leverage against them, or commingle them with any other business activities.

Do I have to sell my SOL, MATIC, or ADA?
No. If you don't want to sell your holdings of these coins, and you live in a state where transfers are available, you can transfer your coins to another wallet until June 26, 2023 at 6:59PM ET. Any SOL, MATIC, or ADA that’s still on Robinhood after the deadline on June 27 at 6:59PM ET will be automatically sold at market value and credited to your Robinhood buying power.

- The Robinhood Team

It will be interesting to see how this will impact their Wallet app that they only released just a few months ago since it is based on MATIC but only time will tell.