Facing recent scrutiny from the SEC, neo-bank Revolut has announced it will stop supporting Polygon (MATIC), Cardano (ADA) and Solana (SOL) in the United States. What are the consequences for users? Let’s see this together.
Delists Revolut MATIC, ADA and SOL in the US
In a few weeks, US Revolut users will no longer be able to access the following cryptocurrencies: Polygon (MATIC), Cardano (ADA) and Solana (SOL). The announcement was made through an email sent by the neo-bank to all its American customers, suing them “changes to laws and regulations related to cryptocurrencies in the United States”.
This decision follows the regulatory battle waged by the Securities and Exchange Commission (SEC) against players in the cryptocurrency industry. As part of the complaints filed against Binance and Coinbase, the American financial police announced that he considered some assets (in particular the MATIC, the ADA and the SOL) as transferable securities (securities).
This decision probably does not come directly from the will of Revolut. In fact, the neo-bank goes through an intermediary to provide its services related to cryptocurrencies. In the US, this is Bakkta company listed on the New York Stock Exchange decided to no longer support the cryptocurrencies pinned by the SEC.
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What are the consequences for users?
While writing these lines, already cannot buy any of these assets. Users who still hold MATIC, ADA or SOL have until September 18 to exchange them for other cryptocurrencies.
If they do not, the platform reserves the right to sell the tokens on their behalfusing the market price at the time of sale, and deposit the funds in US dollars into their Revolut account.
However, the Revolut spokesperson made that clear this decision only applies to the American subsidiary of the neo-bank. In fact, there are currently no plans to delist these signs in other jurisdictions that are not subject to the SEC’s judgment.
Note that Revolut is not the only platform for delisting these cryptocurrencies. During the month of June, Robinhood and eToro were also forced to shut down their trading services. Announcements that did not have a particular impact on the price of the assets concerned.
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