Robinhood to delist Cardano, Polygon and Solana in wake of SEC lawsuits

(Kitco News) - Robinhood, the popular fintech trading app in the U.S., has announced that it will be ending support for three popular cryptocurrencies as a result of them being identified as securities in the recently filed lawsuits by the Securities and Exchange Commission (SEC) against the Coinbase and Binance crypto exchanges.

“We regularly review the crypto we offer on Robinhood,” the exchange wrote in a blog post. “Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET. No other coins are affected and your crypto is still safe on Robinhood.”

The delisting of these tokens wasn’t entirely unexpected as Dan Gallagher, Chief Legal Compliance Officer at Robinhood and a former SEC commissioner, told the House Agriculture Committee in testimony on Tuesday that the firm was “actively reviewing the SEC analysis to determine what, if any, actions to take in that regard.”