From June 27, the Robinhood online-brokerage platform will discontinue support for Cardano (ADA), Polygon (MATIC) and Solana (SOL).
After the stated date, the corresponding user assets will be automatically converted into fiat.
Until June 27, holders can buy, sell, store, and transfer ADA, MATIC and SOL.
“No other coins are affected, and your cryptocurrency on Robinhood remains safe,” the support team said.
Management did not explain the reasons for the decision. On June 5, the U.S. Securities and Exchange Commission filed a lawsuit against the Bitcoin exchange Binance and its CEO Changpeng Zhao; the next day the regulator brought charges against Coinbase. In both cases, the agency classified ADA, MATIC and SOL as assets with characteristics of securities.
During a hearings before the U.S. House on June 6, Robinhood’s Chief Compliance Officer Dan Gallagher acknowledged that the platform was monitoring the Commission’s activity regarding a possible delisting of certain assets.
“We are actively studying the SEC’s analysis to understand what actions should be taken in this regard if necessary,” he said.
Robinhood Crypto also supports BTC, ETH, LTC, ETC, BSV, BCH, DOGE, SHIB, COMP, LINK, UNI, AVAX, XLM, USDC, XTZ and AAVE. These coins do not appear in the SEC’s lawsuits.
In the first quarter, revenue from crypto-related operations fell 30% year over year to $38 million.