Revolut will suspend support for Solana, Cardano, & Polygon Crypto tokens.
In the first week of June 2023, the United States Securities Exchange Commission (SEC) sued BinanceUS & Coinbase Exchange over alleged unregistered securities offerings. Through the suits, the SEC body mentioned huge numbers of crypto assets as unregistered security under the purview of the SEC staff. These unregistered security assets include Solana (Sol), Cardano (Ada), and Polygon (matic). These top flagship crypto assets are known as a rival of Ethereum (ETH).
In the latest, Revolut decided to terminate investment & trade support for Sol, Ada, & Matic coins from the US customers, following the SEC’s suit against BinanceUS & Coinbase exchange.
The Revolut team confirmed that new decisions are now in effect and also the custody service for these mentioned crypto assets will also be terminated by 18 Sep.
Earlier this US-based Nasdaq-listed public crypto & stock platform Robinhood delisted these mentioned crypto assets from the platform, to remain away from any kind of regulatory actions in the US jurisdiction.
In the first week of the SEC’s suit, BinanceUS delisted nearly 100+ crypto trade pairs from the platform and now the case proceedings are going on in the court, where the BinanceUS legal team is trying its best to defend against the SEC’s charges.
On the other hand, the Coinbase team confirmed that they will not delist any crypto assets or stop any service on behalf of the SEC’s suit, instead will fight against the charges in court for the potential win on behalf of facts & laws.
In the current regulatory environment of the US, the majority of the crypto traders are considering Bitcoin & Ethereum as safe Crypto investment vehicle, as the majority of the crypto assets are deemed as unregistered security under the purview of the SEC body.