- Revolut becomes the latest platform to delist Solana, Cardano and Polygon in the US nearly a month after the SEC labelled them as securities.
- Purchasing of the three tokens has been restricted, while selling and holding will continue till September 18.
- The altcoins remain bullish even after the latest deletion from the US market.
Revolut, one of the prominent digital investment banks, has joined the list of crypto companies stopping support for three significant tokens – Polygon (MATIC), Solana (SOL), and Cardano (ADA), in the United States of America’s market.
This announcement has confused and disappointed the cryptocurrency community in the US, as SOL, ADA, and MATIC have gained popularity and traction in recent years.
Why would Revolut discontinue the three significant tokens in the U.S.?
The news of seceding from offering the three tokens on its platform was shared with its users on June 29 through email. The email indicated that the US-based users would be restricted from purchasing SOL, MATIC and ADA. The message read as follows:
The communication further indicated that selling and trading will be stopped at date to be announced later, after which all the remaining tokens that have been deleted would automatically be sold, and the proceeds deposited into their Revolut accounts.
Meanwhile, Revolut is preparing to complete the delisting of the three tokens on September 18, as communicated.
The woes that SOL, MATIC, and ADA face began last month when the United States Securities and Exchange Commission (SEC) filed lawsuits against Binance and Coinbase. The suit named these tokens illegal, leading to them being delisted by two major crypto exchanges, Bakkt and Robinhood.
Revolut stated:
“Our U.S. crypto services provider has decided to delist these tokens due to the changing laws and regulations around cryptocurrency in the United States,”
Despite the latest sequence of events, these Layer 1 tokens remain bullish in the market. Solana is up 14% over the last seven days, while Cardano and Polygon have risen 2% and 4.23% over the same time frame.
The uptick enjoyed by the three cryptos could be attributed to the general upward move in the market. The main question, however, remains, how long will this uptrend hold, as they get excluded from the market, considering that many retail investors own these tokens?
Meanwhile, many other users of the delisted tokens by Revolut outside the United States continue to access them on many different platforms. The impact of the deletion is yet to be determined as they shift ground in one of the most prominent markets in the world.
