Robinhood Delists ADA, MATIC, SOL
Robinhood has made the decision to stop supporting Cardano (ADA), Polygon (MATIC), and Solana (SOL) in light of the investigations into Coinbase and Binance as well as the indictment of popular digital currencies as securities. The support for these three tokens will expire on June 27th, as the commission-free trading platform disclosed, making it the first exchange/brokerage to delist these digital currencies.
The announcement made today supported rumours about Robinhood and the probability that it would delist the assets classified as investment contracts by the US Securities and Exchange Commission. The trading platform has recommended its users to move their assets before the deadline in light of the announcement.
Although customers can still transfer the concerned cryptocurrencies until the specified date, the exchange warned users who choose to stay put would have their assets liquidated at market value and added to their Robinhood purchasing power.
Robinhood reaffirmed that no other cryptocurrency trading on its platform, aside from these digital currencies, will be impacted. In order to prevent panic selling, the trading firm also gave its customers the assurance that their investments are secure on its platform.
(With inputs from Shikha Singh)
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