Seeking Alpha
2023-06-09 14:56:36

Robinhood ends support for cardano, polygon, solana amid crypto clampdown

Amid increased regulatory scrutiny of cryptocurrency exchanges, Robinhood Markets ( NASDAQ: HOOD ) will remove cardano ( ADA-USD ), solana ( SOL-USD ) and polygon ( MATIC-USD ) from its crypto trading platform, according to a Friday release. Starting June 27, users will not be able to trade the three digital tokens, which together have market value of roughly $850M, according to CoinMarketCap data . At the time of writing, ADA ( -4.1% ), SOL ( -1.0% ) and MATIC ( -1.4% ) all drifted slightly lower along with bitcoin ( BTC-USD ) ( -0.2% ) and ethereum ( ETH-USD ) ( -0.7% ). The move comes shortly after the U.S. Securities and Exchange Commission sued two high-profile crypto exchanges -- Binance Holdings and Coinbase Global ( COIN ) -- for allegedly offering unregistered securities as well as other violations. In the eyes of the SEC, most cryptos, including SOL, MATIC and ADA, are considered securities rather than a currency. However, the Wall Street regulator said in 2018 that neither bitcoin ( BTC-USD ) nor ethereum ( ETH-USD ) are securities. Any ADA, MATIC and SOL still in users' accounts after the deadline "will be sold for market value and the proceeds will be credited to their Robinhood buying power," the release said . More on Robinhood and Crypto Robinhood ends support for Bitcoin SV, sending the crypto way down SEC versus crypto: Regulatory clarity or confusion? Robinhood Markets introduces self-custody wallet for crypto, NFTs (updated) Robinhood working on making cardano transfers available on crypto platform Binance: The SEC Strikes (Again)

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