Revolut, a prominent UK fintech firm, has made a significant announcement regarding its cryptocurrency offerings in the United States.
In an email sent to U.S.-based users on June 28, Revolut revealed that it would be terminating support for three major cryptocurrencies: Cardano (ADA), Polygon (MATIC), and Solana (SOL).
This move follows similar actions taken by other exchanges and crypto platforms in response to changing laws and regulations in the U.S.
Specifically, the ongoing SEC cases against Coinbase and Binance, which involve ADA, MATIC, and SOL, are likely factors influencing Revolut’s decision.
Effective immediately, U.S. users of Revolut’s app will no longer have the ability to purchase ADA, MATIC, and SOL. Furthermore, at a later date that remains undisclosed, users will also lose the ability to hold or sell these cryptocurrencies.
Revolut has outlined a process where the delisted tokens will be automatically sold, and the equivalent cash amount will be deposited into each user’s Revolut account.
While the delisting of ADA, MATIC, and SOL is undoubtedly significant for users who were actively trading these cryptocurrencies, it is worth noting that Revolut currently supports over 80 tokens on its platform.
Therefore, the removal of these three assets represents only a small portion of Revolut’s overall cryptocurrency offerings.
Revolut’s decision to delist ADA, MATIC, and SOL is directly linked to the changing legal landscape and regulatory environment in the United States.
Although the company did not explicitly mention the SEC cases against Coinbase and Binance, these ongoing investigations identify ADA, MATIC, and SOL as securities.
Several other exchanges and crypto platforms, including Robinhood and Bakkt, have also recently delisted these assets due to regulatory concerns.