Monday, May 20, 2024

According to a recent report, Revolut, a British fintech firm, intends to remove the cryptocurrency assets polygon, solana, and cardano from its U.S.-based platform due to evolving regulations in the United States. Revolut has notified its users that they must sell these three tokens by September 18th.

Revolut Joins Bakkt, Robinhood, and Etoro in Delisting Specific Cryptocurrencies

Revolut is following in the footsteps of Bakkt, Robinhood, and Etoro as it announces the delisting of polygon (MATIC), solana (SOL), and cardano (ADA), according to Yogita Khatri’s report from The Block. The report states that Revolut has informed its U.S. customers through an email, attributing the decision to “changing laws and regulations around cryptocurrency in the [United States].”

Revolut, a London-based company founded on July 1, 2015, by Nikolay Storonsky and Vlad Yatsenko, has experienced significant growth in its neobanking business over the past eight years. It operates in North America, Europe, and the Asia-Pacific region. According to Khatri’s report, Revolut mentioned that one of the reasons for delisting these coins is the action taken by Revolut’s partner, Bakkt, to remove the tokens.

In the wake of the U.S. Securities and Exchange Commission’s (SEC) crackdown on exchanges like Bittrex, Coinbase, and Binance, various crypto assets have been classified as unregistered securities by the regulatory agency. MATIC, SOL, and ADA have been implicated in SEC lawsuits and designated as investment contracts. Robinhood, Etoro, and Bakkt have all responded to the lawsuits by removing multiple crypto assets from their platforms, citing U.S. regulations as the driving force behind their decisions.

The report further reveals that Revolut’s U.S. customers are now unable to purchase these tokens and have until September 18th to trade them. If the delisted crypto assets are not sold by the deadline, they will be liquidated at the prevailing exchange rate on that day, converting them into U.S. dollars, as stated in the email reviewed by Khatri.

What are your thoughts on Revolut’s decision to delist polygon, solana, and cardano? Do you believe the evolving regulations in the United States are having a positive or negative impact on the crypto industry? Please share your thoughts and opinions on this matter in the comments section below.

Frequently Asked Questions (FAQs) about cryptocurrency delisting

Q: Why is Revolut planning to delist Polygon, Solana, and Cardano from its U.S. platform?

A: Revolut is planning to delist these cryptocurrencies due to evolving regulations surrounding cryptocurrency in the United States. This decision aligns with the actions taken by other platforms such as Bakkt, Robinhood, and Etoro, in response to changing laws and regulations.

Q: When do Revolut users need to sell their Polygon, Solana, and Cardano tokens?

A: Revolut has set a deadline of September 18th for users to sell their Polygon, Solana, and Cardano tokens. After this date, if the tokens are not sold, they will be automatically liquidated at the prevailing exchange rate and converted into U.S. dollars.

Q: How are evolving U.S. regulations affecting the crypto industry?

A: Evolving regulations in the United States, particularly actions taken by the SEC, have led to increased scrutiny of cryptocurrency assets. Many crypto assets, including Polygon, Solana, and Cardano, have been categorized as unregistered securities and implicated in SEC lawsuits. This has resulted in platforms delisting certain tokens to comply with regulatory requirements.

Q: What is the impact of Revolut’s decision to delist these cryptocurrencies?

A: Revolut’s decision to delist Polygon, Solana, and Cardano from its U.S. platform restricts users from purchasing these tokens and prompts them to sell their existing holdings. It reflects the challenges faced by financial institutions in navigating evolving regulations, which can limit the availability of certain cryptocurrencies to users.

Q: How has the delisting of cryptocurrencies affected other platforms?

A: Revolut’s delisting of Polygon, Solana, and Cardano follows similar actions by other platforms such as Bakkt, Robinhood, and Etoro. These platforms have also removed certain tokens due to regulatory considerations. Such actions demonstrate the impact of evolving regulations on the availability and trading options for cryptocurrencies across various platforms.

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