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Robinhood to delist Solana, Polygon, and Cardano on June 27

on Jun 9, 2023
  • Crypto clampdowns pressure Robinhood to reduce its crypto asset index.
  • The trading platform will delist Solana, Polygon, and Cardano by June 27.
  • The platform will only offer cryptocurrencies that regulators don’t consider securities.

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The crypto regulation wave in the United States continues. As invezz.com reported, financial firm Robinhood hinted at possibilities of delisting tokens that the SEC deemed securities. On Friday, the commission-free investing company announced it would suspend support for Solana, Cardano, and Polygon by June 27, 2023, at 6:59 pm ET.

The firm stated that blacklisted the altcoins after assessing its crypto offerings. The news caught attention as all the assets rank top 10 by market capitalization. Meanwhile, we will watch to see whether it will delist more cryptocurrencies. The report indicated that investors can buy, hold, and sell the affected tokens until the deadline (June 27).

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Robinhood delists top altcoins

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While the firm didn’t disclose the reason behind the delisting, the community believes the Binance and Coinbase lawsuits by SEC triggered the move. The United States Securities & Exchange Commission has attacked many digital tokens (calling them securities).

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Recently, it added 16 assets to that list, making 67 ‘illegal’ coins. Robinhood has ended support for altcoins named in SEC’s suit. Meanwhile, investors can still trade other cryptocurrencies, including Shiba Inu, Dogecoin, Bitcoin, Litecoin, and Ethereum.

What to do with your Solana, Cardano, and Polygon?

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Robinhood will cease support for Solana, Cardano, and Polygon on June 27. Traders can buy, hold, or sell these tokens until the deadline. After that day, the trading company will dispose of the coins to the market and credit the proceeds to your account’s buying power.

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