Robinhood said it intends to delist three cryptocurrencies on its platform amid lawsuits from the U.S. Securities and Exchange Commission (SEC) against the cryptocurrency exchanges Binance and Coinbase.
“We regularly update the lists of cryptocurrencies we offer. Based on the latest data, we have decided to discontinue support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) effective June 27, 2023 at 6:59 p.m. Eastern Time,” the company announced.
Users can continue to buy, sell and hold ADA, MATIC and SOL through June 27. Upon expiration, any ADA, MATIC and SOL Coins still in the user’s Robinhood Crypto account will be sold at market value and the money credited to the user’s account.
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“The changes affect only ADA, MATIC and SOL. All other cryptocurrencies you hold in Robinhood will not be affected,” the company assured.
Robinhood said this week it intends to exclude from its list of available assets that could theoretically trade in violation of current U.S. law.
According to the SEC, the securities include Solana (SOL), Cardano (ADA), Polygon (MATIC), Coti (COTI), Algorand (ALGO), Filecoin (FIL), Cosmos (ATOM), Sandbox (SAND), Axie infinity (AXS) and Decentraland (MANA).
Meanwhile, cryptocurrency exchange Binance, which according to the latest information is going to spend $1 million to confront the SEC, removed ten trading pairs from its listing and suspended its OTC service.