Robinhood To Cease Support Of ADA, MATIC, SOL Amid Regulatory Pressure
Robinhood Markets Inc HOOD, the popular trading platform, has just announced that it will cease support for three prominent cryptocurrencies: Cardano ADA/USD, Polygon MATIC/USD, and Solana SOL/USD. Starting June 27th, 2023 at 6:59 PM ET, these cryptocurrencies will no longer be available for trading on the Robinhood platform.
The Clock is Ticking
Users currently holding ADA, MATIC, or SOL can continue to buy, sell, and hold these coins until the given deadline. This extends to the ability to transfer these digital assets until the cut-off date, with the exception of residents from Hawaii, Nevada, and New York, facing additional restrictions. Post-deadline, remaining ADA, MATIC, and SOL in Robinhood Crypto accounts will automatically be sold at market value, with the proceeds being credited to the users' Robinhood buying power.
Safe Haven for Other Cryptocurrencies
Notably, this change is exclusive to ADA, MATIC, and SOL. Other cryptocurrencies hosted on Robinhood remain unaffected, preserving the platform's diverse crypto trading environment. Regardless of the state you reside in, trading for all other available coins continues unaffected.