Bakkt delists Solana, Polygon and Cardano amid regulatory uncertainty: Fortune

Quick Take

  • Bakkt is delisting Solana, Polygon and Cardano due to regulatory uncertainty.
  • The move follows the SEC’s lawsuits against Binance and Coinbase and similar delistings by Robinhood and eToro.

New York-based digital assets platform Baakt is delisting Solana, Polygon and Cardano, citing regulatory uncertainty. 

The company's general counsel and secretary Marc D'Annunzio told Fortune it was taking action “until there is further clarity on how to compliantly offer a more extensive list of coins.”

The delisting decision follows the recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) this month against crypto exchanges Binance and Coinbase, in which the SEC alleged both platforms were offering unregistered securities to their customers, including Solana, Polygon and Cardano.

The SEC’s actions have also led to a reassessment of token listings by other crypto platforms. Last week, fintech app Robinhood announced it would end support for Solana, Polygon and Cardano on June 27 amid the regulator’s crackdown. On Tuesday, social trading platform eToro said it would delist Polygon, Decentraland, Dash and Algorand on its U.S. platform from July 12.

Bakkt previously delisted Algorand and Decentraland in April, following an SEC lawsuit against Bittrex. It continues to support eight other cryptocurrencies, including Bitcoin, Ether, Dogecoin, Litecoin, USDC and Shiba Inu. 

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