According to a report published on Monday, British financial services company Revolut intends to delist the encrypted digital assets Polygon, Solana, and Cardano from its US platform. Revolut cited legal developments in the United States, and users will be required to sell the three tokens by September 18th.
Revolut joins the ranks of Bakt, Robinhood, and eToro in planning to delist Polygon (MATIC), Solana (SOL), and Cardano (ADA), according to a report by Yugita Khatri from The Block. The report reveals that Revolut sent an email to its customers in the United States, stating that the decision was a result of “changes in laws and regulations surrounding cryptocurrencies in the United States.”
Revolut was founded in London, United Kingdom, on July 1, 2015, by Nikolay Storonsky and Vlad Yatsenko. Over the past eight years, the company’s subsidiary bank has grown significantly and has a presence in North America, Europe, and the Asia-Pacific region. According to Khatri’s report, Revolut announced to the publication that one of the reasons that prompted the delisting of the tokens was the decision of Revolut’s partner, Bakt, to delist these tokens.
Since the U.S. Securities and Exchange Commission (SEC) crackdown on exchanges such as Bittrex, CoinBase, and Binance, many encrypted digital assets have been classified as unregistered securities by the legal entity. “MATIC,” “SOL,” and “ADA” have been described in SEC lawsuits and classified as investment contracts. In response to the lawsuits, Robinhood, eToro, and Bakt have all removed several cryptocurrencies from their platforms, citing U.S. laws as the reason for their decisions.
The report also indicates that Revolut’s customers in the United States are now unable to purchase these tokens and have until September 18th to trade them. According to the email referenced by Khatri, if the delisted encrypted digital assets are not sold by the deadline, they will be liquidated at the current exchange rate on that day, converted to U.S. dollars.