Cryptocurrency-friendly neobank Revolut is set to delist a batch of digital assets on its platform in the United States due to the ongoing regulatory developments in the country.
Cardano (ADA), Polygon (MATIC), and Solana (SOL) will be completely removed from the platform starting September, as confirmed by a Revolut spokesperson. On June 29, Revolut notified its U.S. customers about the change, instantly halting the purchase of these tokens. However, users can hold and sell these tokens until Sept. 18.
Impact on Customers
Any remaining tokens post the mentioned date will be sold on the customers’ behalf at the market price at the time of sale. The proceeds, in USD, will be deposited into the customer’s Revolut account.
The Reason for Delisting
According to Revolut, the tokens are being delisted due to changes in the firm’s U.S. infrastructure and the altering laws and regulations around cryptocurrency in the United States.
Global Impact and Market Variation
However, Revolut is clear on its stance to continue supporting ADA, MATIC, and SOL in jurisdictions outside the United States. It’s noteworthy that the number of cryptocurrencies supported by Revolut varies a lot by location, with the European Economic Area and the United Kingdom having access to over 115 cryptocurrencies, while the U.S. has over 33.
Regulatory Hurdles and Industry Trend
Revolut isn’t the only firm to delist these specific three tokens. Robinhood, eToro, and Bakkt have also announced ADA, MATIC, and SOL delistings in recent weeks, immediately stopping purchases. These actions follow allegations by the U.S. Securities and Exchange Commission labeling ADA, MATIC, and SOL as unregistered securities in early June.