Bakkt removes Solana, Polygon and Cardano from its platform!

Bakkt removes Solana, Polygon and Cardano from its platform!

The tension between US regulators and the crypto industry has increased in recent weeks with recent lawsuits filed against Binance and Coinbase. In such a context, some crypto exchanges are accelerating measures to comply with the provisions of the law. This is especially true for Bakkt, which has just removed three flagship cryptocurrencies from its platform.

Bakkt chooses fulfillment

Following the numerous collapses that have occurred in the crypto industry, companies operating in the sector are subject to increased scrutiny by regulatory bodies. In the United States, the Securities and Exchange Commission (SEC) has strengthened its regulatory framework for players in the crypto ecosystem.

Facing increasing demand from the regulator, Bakkt, the New York-based digital asset platform, chose to play the compliance card. In fact, the platform recently decided not to support certain cryptocurrencies anymore. These are precisely Solana (SOL), Polygon (MATIC) and Cardano (ADA).

This decision would be due to the regulatory uncertainty surrounding these cryptocurrencies. Marc D’Annunzio, Bakkt’s general counsel, said the company is doing what is necessary “until the situation becomes clearer on how to legally offer a full and adequate list of cryptocurrencies”.

The decision follows recent SEC actions against Binance and Coinbase. The regulator accused these exchanges of offering unregistered securities-related services to their users. Some of the cryptocurrencies that the SEC considers securities include Solona, ​​Polygon, and Cardano.

Also Read: CSS Report Filecoin “Refines Definition of Security”

Implications of this connection for the crypto industry

Bakkt’s Solana, Polygon and Cardano won’t end without an impact on the cryptocurrency industry. Their eventual withdrawal from the platform could lead to liquidity problems for those assets.

Additionally, Bakkt’s decision could force the three entities behind these cryptocurrencies to review their compliance with industry regulations. Other exchanges may also make a strong commitment to compliance to avoid lawsuits from regulators.

Conditions for doing crypto business in the United States have proven to be tight in recent months. Many companies are considering leaving the country to work in more favorable jurisdictions. Faced with this situation, some American lawmakers believe that the United States would do better to take inspiration from European crypto regulations.

Krypto ETF

BlackRock joins Bitcoin ETF – what does this mean for the crypto space? –

DigiToads competes fiercely with Dogecoin for supremacy in the meme coin market

DigiToads competes fiercely with Dogecoin for supremacy in the meme coin market