Faced with recent considerations from the SEC, the neo-bank Revolut has announced that it will stop supporting Polygon (MATIC), Cardano (ADA) and Solana (SOL) in the United States. What are the consequences for users? Let’s see this together.
Revolut delists MATIC, ADA and SOL in the US
In a few weeks, US Revolut users will no longer be able to access the following cryptocurrencies: Polygon (MATIC), Cardano (ADA) and Solana (SOL). The announcement was made by means of an email sent by the neo-bank to all of its American customers, invoking “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 American financial policeman had announced that he considered several assets (in particular the MATIC, the ADA and the SOL) as transferable securities (securities).
Presumably, this decision does not come directly from the will of Revolut. Indeed, the neo-bank goes through an intermediary to provide its services related to cryptocurrencies. In the USA, this is Bakkta company listed on the New York Stock Exchange which itself has decided to no longer support the cryptocurrencies pinned by the SEC.
👉 To go further: The SEC declares war on cryptocurrencies!
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What are the consequences for users?
At the time of writing these lines, 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 do not, the platform reserves the right to sell the tokens on their behalfusing the market price at the time of the 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 American subsidiary of the neo-bank. Indeed, there are currently no plans to delist these tokens in other jurisdictions that are not subject to the judgment of the SEC.
Note that Revolut is not the only platform to delist these cryptocurrencies. During the month of June, Robinhood and eToro were also forced to shut down their trading services. Announcements that did not particularly impact the price of the assets concerned.
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Lilian Aliaga
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