revolutiona prominent UK-based fintech app, has announced that it will stop offering Solana (SUN), Cardano (ADA)and Polygon (MATIC) tokens for customers in the United States.
This decision comes after the provider of Revolut, the digital asset platform Bakktdecided to remove these cryptocurrencies in the US. Securities and Exchange Commission (SEC) categorizing these tokens as unregistered securities.
Revolut’s exclusion of Solana, Polygon and Cardano in the US will take effect from September 18. Users who currently hold these tokens will have until that date to sell them. Bloomberg reportedciting an email sent to customers.
After September 18, US customers will no longer be able to buy, sell, or hold these tokens in their Revolut accounts.
It’s worth mentioning that Revolut has no intentions of delisting these tokens in other markets where they remain available for trading, a spokesperson reportedly confirmed to Bloomberg.
Revolut is a self-described “super financial app” that has aggressively expanded into digital assets in recent years.
The platform currently allows users to buy, sell, and trade over 80 different cryptocurrencies, including popular tokens like Bitcoin and Ethereum.
More Crypto Platforms Delist SOL, ADA and MATIC
Revolut is not the only cryptocurrency platform that has decided to stop offering these tokens in the US.
popular brokerage firm Robin Hood it also removed Cardano, Polygon and Solana after the SEC said those three were securities.
In addition, eToroan Israel-based social trading platform, restricted American users from opening new positions in various crypto tokens, including Algorand, Decentraland, Dash, and Polygon.
The move to remove these cryptocurrencies came after the SEC took action against two major digital asset trading platforms.
Last month, the SEC sued both Binancethe world’s largest cryptocurrency exchange, and coin basethe largest US-based cryptocurrency exchange
The commission brought 13 charges against Binance and its US affiliates, ranging from allegedly operating as an unregistered exchange to offering unregistered securities.
The regulator also imposed similar charges against coin basealleging that it operated as an exchange house, broker or clearing agency without the required records.
In each case, the SEC noted that several tokens listed by the exchanges are unregistered securities.
These include dozens of popular cryptocurrencies such as Binance’s native BNB token, Solana’s SOL, Cardano’s ADA, Polygon’s MATIC, Filecoin’s FIL, Cosmos’ ATOM, Sandbox’s SAND, Decentraland’s MANA, Algorand’s ALGO, Axie Infinity’s AXS and COTI tokens from Coti.
The price of the altcoins targeted by the SEC, specifically SOL, ADA, and MATIC, have seen a downward movement in recent weeks.
SOL, for example, has lost more than 11% in the last 30 days and more than 42% in the last year.
Additionally, ADA has fallen 22.5% over the last month, while it is also down over 22% over the same period.
