US Banks to Stop Trading ADA, MATIC and SOL in September

Revolut to Remove Digital Assets from US Platform

Revolut, a neobank that is friendly towards cryptocurrency, is set to remove a selection of digital assets from its platform in the United States due to ongoing regulatory changes in the area.

Revolut is getting ready to take away tokens such as Cardano (ADA), Polygon (MATIC) and Solana (SOL) from its platform in September, according to a spokesperson from the company who spoke to Cointelegraph.

On June 29, Revolut informed its U.S. clients of a modification, indicating that the purchase of ADA, MATIC, and SOL is now closed for all customers. A representative stated that Revolut users will still be able to keep and sell these tokens until Sept. 18.

“Any outstanding tokens will be sold on your behalf based on the market price at the time of sale. The USD generated from the sale will be deposited directly into your Revolut account,” the company informed U.S. customers in their announcement.

Revolut stated that the tokens are being removed from its platform due to advancements in its U.S. infrastructure.

Revolut declared that their American crypto services supplier has made the determination to remove these tokens from their list because of the alterations in the cryptocurrency laws and regulations in the United States.

A spokesperson for Revolut stressed that the company still backs ADA, MATIC and SOL in other countries apart from the United States, saying:

The representative also informed Cointelegraph that the number of cryptocurrencies supported by Revolut varies greatly depending on the region. “The European Economic Area plus the UK offers more than 115 cryptocurrencies, while the US has over 33,” the spokesperson stated.

SEC Identifies ADA, MATIC and SOL as Unregistered Securities

The era of trading crypto as non-securities has come to an end, according to an exchange executive.

Revolut is not the only one to have recently delisted the three tokens of ADA, MATIC and SOL, with Robinhood, eToro and Bakkt all declaring their own delistings and suspending purchases in the past few weeks.

The U.S. Securities and Exchange Commission recently identified ADA, MATIC and SOL as unregistered securities in the beginning of June. This announcement was part of two separate actions taken against leading crypto exchanges, Binance and Coinbase.

Magazine Asia Express reports that Huobi is taking legal action against itself, while 3AC has made a comeback and the Korean crypto market is experiencing a surge.

This article has been revised to indicate that Revolut US offers 33 tokens on its platform, as opposed to the previously reported 90.