Revolut has made a choice that would affect a lot of crypto investors in the United States. The business has decided to stop letting users purchase Cardano (ADA), Polygon (MATIC), and Solana (SOL) using its app.
Revolut is taking a proactive approach to managing the risks associated with cryptocurrency trading. The company will automatically sell all Cardano (ADA), Polygon (MATIC), and Solana (SOL) tokens held by U.S. users will later on and add the exact same amount of cash to each user’s Revolut account.
The delisting of three tokens is a relatively minor move for Revolut, which supports more than 80 tokens overall.
Revolut, a financial technology business headquartered in the UK, recently expanded into the US. The new rule initially only applies to users of the US app, but the business expects to eventually extend it to other areas.
Revolut is taking a cautious approach to the cryptocurrency market in the U.S., delisting ADA, MATIC, and SOL from its app due to changing laws and regulations.
The company did not specifically name the SEC’s ongoing cases against Coinbase and Binance, but both of those cases name the three tokens as securities.
The uncertain regulatory landscape for cryptocurrencies is leading to delistings. Robinhood, Bakkt, and now Revolut have all announced that they will no longer support ADA, MATIC, and SOL.