Fintech trading app Robinhood has decided to delist three cryptocurrencies amid the Securities and Exchange Commission's crackdown on cryptocurrency exchanges.
The firm will not support Solana (SOL), Polygon (MATIC) or Cardano (ADA) after June 27, 6:59 p.m. ET. Users may transfer these cryptocurrencies until this deadline. Afterward, the firm will sell the coins at market value and credit the amount into the holder's Robinhood buying power.
"No other coins are affected and your crypto is still safe on Robinhood," the firm wrote in a Friday statement.
The move comes three days after the firm's Chief Legal Compliance Officer Dan Gallagher said it was reviewing the SEC's lawsuits against crypto exchange giants Binance and Coinbase. Gallagher testified in the House Agriculture Committee that while the firm obtained a broker-dealer license for securities trading, it may not have the capacity to trade what the SEC deemed unregistered securities, such as Solana, Polygon and Cardano.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.