The American institutional platform Bakkt will delist the tokens Solana (SOL), Polygon (MATIC) and Cardano (ADA) due to regulatory uncertainty. This was disclosed by the company’s chief legal officer, Mark D’Annunzio, in an interview with Fortune.
The firm will take the necessary precautions until there is clarity regarding the compliance requirements for offering a broader list of coins, he explained.
“It’s normal to say what pushes me over the edge. But you’re obliged to tell me what to do,” said Bakkt CEO Gavin Michael, likely addressing regulators.
The head of the firm said it would continue to cooperate with authorities, but foresaw even more potential problems down the line.
Regulatory panic among crypto firms began after lawsuits by the SEC against Binance and Coinbase. The agency accused the exchanges of trading unregistered securities.
Earlier Bakkt offered a modest set of digital assets, limited to Bitcoin and Ethereum. To expand the list of coins, in April 2023 the company acquired the trading platform Apex Crypto.
However, after half a month the firm delisted 25 of 36 available DeFi tokens, including Aave (AAVE), Avalanche (AVAX), Cosmos (ATOM), Fantom (FTM), Filecoin (FIL), Gala (GALA), Sushiswap (SUSHI) and Uniswap (UNI).
Since October 2021, Bakkt shares have traded on the New York Stock Exchange. Following the close on June 15, the platform’s stock price rose 1.79% to $1.425.
Earlier, on May 11, the institutional platform published its financial results for the first quarter of 2023. The quarterly loss was $0.17 per share, net income reached $13 million, up 4% year over year.