Robinhood to Cease Support for Cardano, Polygon, and Solana

Summary:
Robinhood, the prominent trading platform would cease supporting some of the crypto it already offers, Cardano (ADA), Polygon (MATIC), or Solana (SOL) on June 27. This is most likely in reaction to recent lawsuits brought by the SEC against Binance and Coinbase.

On Friday, the cryptocurrency exchange Robinhood said that it would cease supporting some of the cryptocurrencies that it already offers. This move is most likely in reaction to recent lawsuits brought by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase, two of the major cryptocurrency exchanges.

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Despite the fact that Cardano (ADA), Polygon (MATIC), and Solana (SOL) are all in the top 10 cryptocurrencies by market capitalization, the company has made the decision to withdraw support for these cryptocurrencies. It is not known if the site will continue to support other cryptocurrencies or whether it will discontinue doing so.

All Eyes on Fed Reserve

None of the three cryptocurrencies, Cardano (ADA), Polygon (MATIC), or Solana (SOL), shown any kind of rapid response to the announcement that Robinhood was delisting its tokens. This comes as the market for cryptocurrencies is moving more or less sideways ahead of the interest rate decision that will be made by the Federal Reserve of the United States on June 14, 2023.

Despite the fact that the firm has not directly said this, it is a widely held belief that the delisting was precipitated as a direct result of the SEC’s case filed against Coinbase and Binance. The United States Securities and Exchange Commission has acknowledged that some cryptocurrencies may be considered securities.

Only 15 Cryptocurrencies to Offer

In addition, as a result of the current debate, the regulatory body now considers a total of 16 more tokens to be securities. The prominent platform announced on June 27 that it will no longer support the three cryptocurrencies via its platform.

Additionally, the popular platform will continue to accept trade in Bitcoin, Ethereum, Litecoin, Dogecoin, and Shiba Inu. Now that the above mention three cryptocurrencies have been removed, Robinhood only supports 15 cryptocurrencies.

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