Revolut will stop offering ADA, MATIC, and SOL for users in the United States starting September 18, 2023.
The British neobank’s announcement came after its service provider Bakkt delisted the tokens.
The neobank clarified that there were no plans to delist the tokens in other markets.
ADA, MATIC, and SOL were listed as unregistered securities in the SEC’s recent lawsuits against Binance and Coinbase.
London-based Revolut has announced that it will delist three mainstream crypto tokens from the American version of its platform. The British neobank will stop offering Cardano (ADA), Solana (SOL), and Polygon (MATIC) to customers based in the United States starting September 18, 2023. The crypto tokens boast a combined market capitalization of more than $24 billion.
Delisting Will Be Limited To Revolut’s American Users
According to a report by Bloomberg, Revolut’s customers will be able to sell off ADA, SOL, and MATIC from their accounts till September 18, 2023, following which the cryptocurrencies will automatically be converted to USD deposits. The British neobank’s latest move came after its service provider Bakkt Holdings’ delisted the crypto tokens last month due to increasing regulatory uncertainty in the United States. The firm told its customers that the delisting of SOL, ADA, and MATIC would be limited to the United States with other markets remaining unaffected.
Our US crypto services provider has decided to delist these tokens due to the changing laws and regulations around cryptocurrency in the US. Because of this, we’ll no longer be able to process your buy and sell orders for these tokens.”
Interestingly, MATIC and ADA surged following the news of their imminent delisting from Revolut. Meanwhile, SOL saw a slight decrease in its price. The three cryptocurrencies were previously delisted by the social trading platform eToro and California-based brokerage Robinhood as well. The tokens were also listed as unregistered securities in the U.S. Securities and Exchange Commission’s (SEC) recent lawsuits against crypto exchanges Binance and Coinbase.