Revolut is following the major crypto exchanges in the US and delisting Cardano (ADA), Polygon (MATIC) and Solana (SOL) for its customers in the country.
The news was shared by email with affected Revolut users this week. US-based users of the digital bank are not allowed to purchase ADA, MATIC and SOL. After support for the deleted tokens ends, any tokens remaining in users’ accounts will be automatically sold.
Revolut’s crypto ambitions
Launched in 2015, Revolut is a London-based FinTech startup that has grown into one of the world’s largest neobanks.
Revolut made its first foray into crypto as its business grew in 2017. Since then, the company has integrated a range of crypto services into its app and boasts support for over 100 cryptos on its website. website. Until recently these were Cardano (ADA), Polygon (MATIC) and Solana (SOL).
When it entered the competitive US market in 2020, Revolut’s crypto offering helped it stand out from the crowd. But any venture into digital assets means navigating the highs and lows of the industry.
Last year, Revolut CEO Nikolaj Storonski said defended the decision to continue supporting crypto. Commenting on the business risks it posed in light of FTX’s collapse, he said that “crypto is not over yet.” He even stated that Revolut is “basically doubling down on crypto products.”
However, that was before the US Securities and Exchange Commission (SEC) cracked down on US crypto companies.
Revolut and other delistings from the exchange cast a shadow over MATIC and SOL
The trouble started last month when the SEC named major altcoins in lawsuits against Binance and Coinbase. Among them were ADA, MATIC and SOL, which were quickly delisted by crypto exchanges including Robinhood, eToro and Bakkt.
In the SEC’s complaints, such companies have cited uncertainty about the legal status of dozens of coins classified as securities.
After being tumbled by major exchanges, the prices of the affected tokens have taken a hit.
MATIC, for example, is trading at less than half of what it was in the spring. And the bad news may continue amid a pessimistic outlook for the cryptocurrency.
Furthermore, Solana also finds itself in dangerous territory after news that Robinhood was liquidating approximately $26 million worth of SOL sparked a notable price correction.