• Revolut, a UK-based fintech app, is ceasing the offering of Solana (SOL), Cardano (ADA), and Polygon (MATIC) tokens to customers in the United States.
• This decision follows Bakkt’s delisting of these tokens as the US Securities and Exchange Commission has categorized them as unregistered securities.
• The move to delist these cryptocurrencies came after the SEC took action against two major digital asset trading platforms, Binance and Coinbase.
Fintech Giant Revolut To Cease Offering Tokens In U.S.
Revolut, a prominent UK-based fintech app, has announced that it will stop offering Solana (SOL), Cardano (ADA), and Polygon (MATIC) tokens for customers in the United States due to their categorization by US Securities and Exchange Commission (SEC) as unregistered securities. This decision follows Bakkt’s delisting of these tokens. The change will come into effect starting September 18th, 2021.
What Is Revolut?
Revolut is a self-described “financial super app” that allows users to buy, sell, and trade more than 80 different cryptocurrencies including popular tokens like Bitcoin and Ethereum.
Other Crypto Platforms Delisting SOL, ADA & MATIC
Revolut is not the only crypto platform that has decided to stop offering these tokens in the US; other firms such as Robinhood and eToro have also taken similar action due to SEC regulations.
SEC Action Against Trading Platforms
The move to delist these cryptocurrencies came after the SEC took action against two major digital asset trading platforms: Binance & Coinbase. The commission filed 13 charges against Binance ranging from allegedly operating as an unregistered exchange to offering unregistered securities; Coinbase was also levied with similar charges claiming they operated without necessary registrations.
Conclusion
In light of recent regulatory developments concerning cryptocurrency trading platforms in the United States, Revolut has chosen to halt its offerings of Solana (SOL), Cardano (ADA), and Polygon (MATIC). Other crypto platforms have followed suit while both Binance & Coinbase face legal action from the SEC for failing to maintain appropriate registrations when providing services related to digital assets transactions.