Alexander Savenkov Robinhood, a fintech and cryptocurrency company, has recently announced that it will be delisting three major cryptocurrencies, namely Cardano (ADA), Solana (SOL), and Polygon (MATIC), on June 27, 2023. This decision comes as Robinhood faces increasing regulatory pressure, particularly in the aftermath of the U.S. Securities and Exchange Commission’s (SEC) enforcement actions against industry giants Binance and Coinbase.
In a blog post published on June 9, Robinhood revealed its plans to remove the 8th, 10th, and 11th largest cryptocurrencies by market capitalization from its platform. The company, headquartered in Menlo Park, California, explained that it regularly reviews the cryptocurrencies it offers to its users. Based on their latest review, they have decided to end support for Cardano (ADA), Solana (SOL), and Polygon (MATIC).
Robinhood clarified that this delisting would not affect any other cryptocurrencies on its platform, and user funds would remain safe. The company assured its customers that their holdings in ADA, MATIC, and SOL were secure until the delisting deadline.
The move to delist these cryptocurrencies aligns with Robinhood’s decision to reevaluate its coin offerings following the regulatory scrutiny faced by Binance and Coinbase. Dan Gallagher, the Chief Legal Compliance and Corporate Affairs Officer at Robinhood, stated that the review aimed to determine the necessary actions for the company.
To ensure a smooth transition, Robinhood informed its clients that if they fail to sell or transfer their ADA, MATIC, or SOL holdings before the deadline, the assets will be sold at their fair market value. The proceeds from the sales will then be credited to the users’ Robinhood buying power.
The delisting of Cardano, Solana, and Polygon raises important questions about Robinhood’s future in the cryptocurrency space. While some may view this as a necessary step in response to regulatory actions, others may perceive it as a setback for the platform’s crypto offerings. It remains to be seen how Robinhood will navigate these regulatory challenges and adapt its crypto services to meet compliance requirements. Feel free to share your thoughts and opinions on this matter in the comments section below.
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Frequently Asked Questions (FAQs) about Robinhood delisting cryptocurrencies
What cryptocurrencies is Robinhood delisting?
Robinhood is delisting Cardano (ADA), Solana (SOL), and Polygon (MATIC) cryptocurrencies from its platform.
Why is Robinhood delisting these cryptocurrencies?
Robinhood is delisting these cryptocurrencies in response to regulatory pressure, particularly in light of recent enforcement actions by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase.
Will other cryptocurrencies on Robinhood be affected by this delisting?
No, other cryptocurrencies on the Robinhood platform will not be affected. The delisting specifically applies to Cardano, Solana, and Polygon.
What happens to my ADA, SOL, and MATIC holdings if I don’t sell or transfer them before the delisting deadline?
If you fail to sell or transfer your ADA, SOL, or MATIC holdings before the delisting deadline, Robinhood will sell them for their fair market value. The proceeds will be credited to your Robinhood buying power.
Is my crypto safe on Robinhood?
Yes, Robinhood has assured users that their crypto holdings are safe on the platform. The delisting of specific cryptocurrencies does not impact the overall security of users’ crypto assets.
More about Robinhood delisting cryptocurrencies
- Robinhood
- Cardano (ADA)
- Solana (SOL)
- Polygon (MATIC)
- U.S. Securities and Exchange Commission (SEC)
- Binance
- Coinbase
