SEC Crackdown Forces Revolut to Remove SOL, ADA, and MATIC from US App
SNEAK PEEK
- Revolut ceases Solana, Cardano, and Polygon for US customers.
- SEC’s classification prompts Bakkt Holdings to delist cryptos.
- Crypto resilience exhibits regardless of regulatory hurdles.
In a startling growth, Revolut, the favored UK-based fintech platform, has announced its resolution to halt the providing of Solana, Cardano, and Polygon’s tokens to its US clientele. The transfer comes as a response to regulatory constraints imposed by the US Securities and Alternate Fee (SEC) that categorized the aforementioned tokens as unregistered securities.
The SEC’s classification in June led to authorized encounters towards distinguished crypto exchanges, Coinbase World Inc. and Binance Holdings. Owing to its crypto supplier, Bakkt Holdings Inc., selecting to delist these cryptocurrencies, Revolut needed to conform.
American prospects have been granted a grace interval till September 18 to exit their holdings in these tokens. Revolut will mechanically liquidate any remaining tokens on the prevailing market charge after this deadline, changing them into greenback deposits. It’s value noting that this resolution is unique to the US market, with no present plans to copy it elsewhere, in line with an organization spokesperson.
Revolut isn’t alone in dealing with this predicament. Different main platforms, together with Robinhood Markets Inc. and Israel’s eToro, have adopted go well with, limiting US customers from opening new positions in a collection of crypto tokens.
Regardless of these setbacks, the cryptos stay resilient. As of at the moment, Cardano sits at $0.2966, Solana at $19.20, and Polygon at $0.7077, with their CoinMarketCap rankings at #7, #10, and #12, respectively. Whereas vital, this regulatory hurdle doesn’t sign the top of those cryptocurrencies however illuminates the evolving relationship between the crypto area and regulatory our bodies.
