Revolut is delisting Polygon, Solana and Cardano tokens in the US

Quick Take

  • Revolut is delisting MATIC, SOL and ADA tokens in the U.S. in September.
  • The move comes as Revolut’s partner Bakkt delisted the tokens, a Revolut spokesperson told The Block.

Crypto-friendly neobank Revolut is set to delist Polygon (MATIC), Solana (SOL) and Cardano (ADA) tokens from its trading platform in the United States.

The news means Revolut's users in the U.S. can no longer buy the three crypto assets and will have to sell their existing holdings in these tokens before September 18, according to an email it sent to U.S. users seen by The Block. The move was "due to the changing laws and regulations around cryptocurrency in the U.S.," the email stated.

Revolut is delisting the tokens because its U.S. crypto services provider, Bakkt, recently decided to delist them, a Revolut spokesperson told The Block.

Bakkt and Revolut are not the only platforms to delist these tokens. Robinhood and eToro also recently ceased trading in them. All these decisions came a few days after the U.S. Securities and Exchange Commission filed lawsuits against crypto exchanges Binance, Binance.US and Coinbase, alleging that they offer unregistered securities to customers. In the complaints, the SEC alleged for the first time that MATIC, SOL and ADA are securities, among several other tokens.

If Revolut's customers don't sell their existing holdings in MATIC, SOL and ADA before September 18, the firm will sell the tokens on their behalf using the market price at the time of sale and deposit the USD proceeds into their Revolut accounts, according to the email.

While Revolut is delisting these tokens for U.S. users, the spokesperson said there are no plans to delist them in other markets where they remain available.

© 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.