SEC Labels Solana, Cardano, & Polygon as Unregistered Securities, Revolut Drops

• Revolut is no longer allowing US customers to trade Solana (SOL), Cardano (ADA) and Polygon (MATIC).
• The delisting comes after the U.S. Securities and Exchange Commission (SEC) labeled the tokens as unregistered securities in separate lawsuits filed last month against top crypto exchanges Coinbase and Binance.
• Other platforms have made similar moves since the SEC lawsuits, including Robinhood and eToro.

Revolut Drops Solana, Cardano & Polygon

Financial app Revolut is no longer allowing US customers to trade Solana (SOL), Cardano (ADA) and Polygon (MATIC). According to a new Bloomberg report, the United Kingdom (UK) company is delisting the three altcoins after its provider Bakkt, the digital asset marketplace, announced in June it was removing support for the tokens until there is more regulatory clarity.

SEC Labels Tokens as Unregistered Securities

The delisting comes after the U.S. Securities and Exchange Commission (SEC) labeled the tokens as unregistered securities in separate lawsuits filed last month against top crypto exchanges Coinbase and Binance. According to the report, Revolut’s US customers have until Sept. 18th to sell or move their tokens off the platform. Afterward, the platform will automatically sell the tokens at the market price and deposit the proceeds into their accounts. Revolut says it has no plans to delist them in markets outside of United States.

Other Platforms Make Similar Moves

Other platforms have made similar moves since SEC lawsuits were filed, including Robinhood which delisted all three tokens last month; popular social trading platform eToro halted purchases of layer-2 scaling solution Polygon along with smart contract platform Algorand (ALGO), metaverse Decentraland (MANA), and privacy-focused protocol Dash (DASH).

Institutional Investors Wary of Crypto Investing

According to Bloomberg, Mike Novogratz, founder of Galaxy Digital Holdings said last month that institutional investors were wary of crypto investing after SEC lawsuits were filed; however he noted that apps like Square ,Robinhood & Revolut saw “constant small little buying every day from retail ‘hodlers’.”

Conclusion

In conclusion , Financial app Revolut has stopped allowing US customers to trade 3 popular altcoins due to recent SEC laws . This follows other major platforms such as Robinhood & eToro also taking similar measures . Institutional investors are wary about investing now but smaller retail ‘hodlers’ are still buying regularly .