In the face of recent SEC considerations, neo-bank Revolut has announced it is ceasing to support Polygon (MATIC), Cardano (ADA) and Solana (SOL) in the USA. What does this mean for users? Let’s take a look.
Revolut delists MATIC, ADA and SOL in the U.S.
Within a few weeks, American Revolut users will no longer be able to access the following cryptocurrencies: Polygon (MATIC), Cardano (ADA) and Solana (SOL). The announcement was made via an email sent by the neo-bank to all its US customers, citing « changes in laws and regulations related to cryptocurrencies in the United States ».
This decision follows the regulatory battle waged by the Securities and Exchange Commission (SEC) against players in the cryptocurrency industry. As part of the complaints filed against Binance and Coinbase, the US financial regulator had announced that it considered several assets (notably MATIC, ADA and SOL) to be securities.
Presumably, this decision was not directly of Revolut’s making. In fact, the neo-bank uses an intermediary to provide its cryptocurrency-related services. In the United States, this is Bakkta company listed on the New York Stock Exchange which has itself decided to stop supporting the cryptocurrencies pinned by the SEC.
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What are the consequences for users?
At the time of writing, it is already no longer possible to buy any of these assets. Users still holding MATIC, ADA or SOL have until September 18 to exchange them for other cryptocurrencies.
If they fail to do so, the platform reserves the right to sell the tokens on their behalfusing the market price at the time of sale, and deposit the funds in US dollars into their Revolut account.
Nevertheless, the Revolut spokesperson made it clear that this decision only concerns the neo-bank’s American subsidiary. Indeed, there are currently no plans to delist these tokens in other jurisdictions not subject to the SEC’s ruling.
Revolut is not the only platform to delist these cryptocurrencies. During the month of June, Robinhood and eToro were also forced to discontinue their trading services. These announcements had no particular impact on the prices of the assets concerned.
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Lilian Aliaga
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