Revolut, a UK-based fintech firm, has announced that it would cease offering Solana, Cardano, and Polygon’s tokens to its US customers. The decision comes after its provider, Bakkt Holdings Inc., chose to delist these cryptocurrencies.
The company informed its US customers about this change via an email on June 29, stating that the purchase of ADA, MATIC, and SOL is now closed for all customers. Revolut’s US customers have until September 18 to exit these tokens.
Following this date, any remaining tokens would be automatically sold at market price and converted into dollar deposits, as per the email sent to customers. However, the company has no plans to delist these tokens in other markets, where they would continue to be available.
Revolut clarified that the delisting is due to changes in its US infrastructure.
Our US crypto services provider has decided to delist these tokens due to the changing laws and regulations around cryptocurrency in the United States,” the firm said.
Despite this, Revolut continues to support ADA, MATIC, and SOL in other jurisdictions outside the United States. The number of cryptocurrencies supported by Revolut varies by location, with over 115 cryptocurrencies in the European Economic Area and the United Kingdom and over 33 in the US.
Revolut and Bakkt are not the only company to delist these tokens. Popular crypto platforms Robinhood and eToro have also announced similar delistings in recent weeks. These decisions were prompted after the SEC labeled ADA, MATIC, and SOL as unregistered securities in early June, leading to actions against major cryptocurrency exchanges, Binance and Coinbase.
In response to the SEC’s claims, Coinbase argued that the SEC could not unilaterally assert control as it tries to regulate digital assets, suggesting that it is the role of Congress to make regulatory decisions concerning the industry.
