In a surprising turn of events, Robinhood, the popular trading platform, has declared its decision to remove support for digital currencies Cardano (ADA), Polygon (MATIC), and Solana (SOL). Robinhood attributes this decision to outcomes from their most recent review.
The Delisting Announcement
Robinhood recently made a startling announcement about its intention to delist Cardano, Polygon, and Solana, three significant digital assets. Although the firm shared their delisting procedure in a press release, they offered scant details about the rationale behind their decision. The company only vaguely explained that the decision came about “based on our latest review.”
The deadline set for activities involving these three digital assets on Robinhood is June 27th. The firm states that after this date, any remaining ADA, MATIC, and SOL holdings in Robinhood Crypto accounts will be sold at market value, with proceeds credited to the user’s Robinhood buying power.
Also Read: Robinhood Faces Regulatory Scrutiny over Cryptocurrency Operations
The Aftermath of the Delisting
Despite the upcoming delisting, Robinhood reassures its users that all other cryptocurrencies held on their platform remain unaffected. Moreover, the firm clarifies that users have the option to buy, sell, hold, and transfer their ADA, MATIC, and SOL tokens until the specified deadline.
However, after the deadline, users must transfer these specific tokens out of their Robinhood accounts or risk automatic selling. The company, however, provided no specific reasons behind this sudden delisting, nor what insights their recent review unveiled.
The Bigger Picture
The broader cryptocurrency industry has been in the spotlight due to a series of regulatory enforcement actions. These actions might provide some context to Robinhood’s decision, although the company hasn’t explicitly linked their decision to these events. The future remains uncertain about whether additional coins could face similar actions, or whether other platforms may also delist these three assets.
