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 SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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. 


© 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.

About Author

James Hunt is a reporter at The Block, based in the UK. As the writer behind The Daily newsletter, James also keeps you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the immersive metaverse. You can get in touch with James on Twitter or Telegram via @humanjets or email him at [email protected].

Editor

To contact the editor of this story:
Tim Copeland at
[email protected]