Bullet Points:
• Robinhood (HOOD) will end support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) on June 27.
• This decision is related to the SEC lawsuits against Binance and Coinbase, as these tokens were named as securities.
• Robinhood attempted to register itself as a special-purpose broker for digital assets but couldn’t get the SEC to help guide them into crypto compliance.
Robinhood Ends Support for Tokens Named in SEC Lawsuit
Robinhood (HOOD), the popular trading platform, will end support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) on June 27th – the three tokens that were named as securities in recent the Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase.
Support Ending On June 27
Users are able to continue trading and transfer of the three tokens on the app until the deadline. After support stops on June 27, tokens left in a user’s account will be automatically sold for market value, Robinhood said.
Regular Crypto Review
The decision comes as part of the company’s regular review of cryptocurrencies, Robinhood said. However, those were the only tokens that were listed on the trading platform, that were named as securities by the recent SEC lawsuits.
Continued Support For Other Coins
After the delisting, the platform will offer the trading for 15 different crypto currencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE), and avalanche (AVAX) – all of which were not included in