Bakkt Removes Three Altcoins from Platform
Bakkt, a derivatives exchange based in New York, has decided to remove three well-known altcoins from its platform due to recent regulatory modifications in the U.S. As reported by Fortune, trading of Solana (SOL), Polygon (MATIC), and Cardano (ADA) has been halted.
Following the lawsuits brought by the Securities and Exchange Commission (SEC) against crypto exchanges Binance and Coinbase last week, it has been decided that a total of around 68 digital assets are now seen as “securities” by the U.S. regulator, with SOL, MATIC, and ADA among them.
Marc D’Annunzio, Bakkt’s General Counsel and Secretary, informed Fortune that the company is making alterations “until there is further understanding on how to provide a more comprehensive selection of coins in a way that follows the rules and regulations.”
The SEC’s enforcement measures have caused regulatory uncertainty, prompting other trading platforms to remove token pairs from their listings in the past few days. Just days ago, eToro stopped allowing U.S. customers to buy Algorand (ALGO), Decentraland (MANA), MATIC, and Dash (DASH), following in the footsteps of its rival Robinhood, which had previously ended support for SOL, MATIC, and ADA.
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The delisting of altcoins has had a major effect on the crypto space, as it has reduced the liquidity of tokens already affected by the market downturn. Data from CoinMarketCap reveals that MATIC, ADA, and SOL have collectively lost almost $10 billion in terms of market capitalization.
SOL’s market capitalization experienced a decrease from $8.78 billion on June 4 to $5.85 billion at present; ADA’s market cap declined from $13.31 billion to $9 billion, and MATIC’s market cap dropped from $8.37 billion to $5.32 billion during the same time frame.
Following its acquisition of blockchain technology platform Apex Crypto for $55 million in cash and stock in April, Bakkt has now gone ahead with delisting. As a result of the acquisition, Bakkt also initiated a revamp of token pairs trading on the platform, removing 25 out of the 36 listed crypto tokens.
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