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Revolut, the prominent European exchange and payments company, has made a significant move in response to the recent regulatory landscape surrounding cryptocurrencies in the United States.
Revolut Drops Support for Cardano, Polygon, and Solana in Response to Changing US Regulations
In an email communication to its U.S.-based users on June 28, Revolut announced that it would no longer support three major cryptocurrencies: Cardano (ADA), Polygon (MATIC), and Solana (SOL).
The decision by Revolut means that U.S. users will immediately lose the ability to purchase ADA, MATIC, and SOL through the app. However, the company did not provide specific details on the deadlines for selling or holding these cryptocurrencies.
Revolut plans to automatically sell any remaining holdings of ADA, MATIC, and SOL for its users and deposit the equivalent value in cash into their Revolut accounts after the designated deadline.
Revolut’s delisting of these cryptocurrencies only affects a small fraction of the tokens supported by the company. Currently, Revolut’s platform provides support for over 80 different cryptocurrencies, as indicated on its website.
Revolut’s delisting of Cardano (ADA), Polygon (MATIC), and Solana (SOL) follows similar moves by Robinhood and Bakkt, who also announced the removal of these cryptocurrencies in recent weeks.
Revolut explained that its choice to discontinue support for certain cryptocurrencies in the United States stems from the evolving legal and regulatory landscape.
While the company did not directly reference the ongoing SEC cases against Coinbase and Binance, it is worth noting that ADA, MATIC, and SOL are specifically identified as securities in those proceedings. This correlation is noteworthy in understanding Revolut’s decision-making process.
This regulatory crackdown by the SEC has had a significant impact on Cardano, Polygon, and Solana, which are ranked among the top 13 cryptocurrencies on CoinMarketCap. The labeling of these altcoins as securities have resulted in various exchanges and platforms taking action to comply with regulatory requirements.
Regulatory Actions Prompt Cryptocurrency Firms to Seek Friendlier Territories for Operations
It is worth noting that the repercussions of the SEC’s enforcement efforts extend beyond the delisting of these altcoins. Regulatory actions have prompted some businesses to consider moving operations away from the United States.
Countries such as the United Kingdom, Dubai, Singapore, and Hong Kong have seized the opportunity to attract companies by offering favorable regulatory environments for cryptocurrencies.
In response to the changing landscape, the United Kingdom recently passed the Financial Services and Markets Bill to bring cryptocurrencies and stablecoins under regulatory oversight.
Despite the delisting from Revolut’s U.S. operations, Cardano, Polygon, and Solana have shown resilience in the market. These cryptocurrencies continue to trade positively, indicating ongoing investor confidence in their potential.
But we are not confident about how long will this “confidence” persist. The recent support that these tokens have attracted is likely the result of the rallying cry by crypto investors against the current regulatory waves. And considering that community support can be fickle, it is less likely that MATIC, SOL, and ADA will enjoy the same support for a long time.
What would persist, however, is the gains one can make from crypto presales. Wall Street Memes is the newest crypto presale that is enticing the community with its meme-based antics and a large following. It has already raised close to $12 million USD at press time and is currently available at a low price of $0.0304.
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