Digital bank Revolut will stop offering Solana (SOL), Cardano (ADA), Polygon (MATIC) tokens to US clients.
Revolut has reportedly cited Bakkt’s recent decision to delist the digital tokens, as they’re considered to be unregistered securities by the US Securities and Exchange Commission (SEC).
The UK-based financial super-app provider confirmed that it would end support for SOL, ADA, and MATIC for US customers right after its provider Bakkt Holdings Inc. proceeded to delist the digital currencies.
The update comes as the US Securities and Exchange Commission classified the tokens as unregistered securities in its recent lawsuits against crypto giants Binance and Coinbase Global Inc. last month.
Clients of US Revolut should now be able to sell off the three tokens until September 18, 2023. Once this date has passed, the Revolut app will automatically sell the remaining crypto tokens at the market price and then convert them into US dollar deposits. This, according to an email sent to the firm’s clients.
At present, there are no plans to delist the tokens in other markets, where they are still being supported, a representative for the Fintech firm said.
It’s worth noting that other service providers have also started delisting certain coins.
Robinhood Markets revealed last month that it will be ending support for these three tokens as well. Meanwhile, Israel-based social-trading platform eToro has also decided to prevent US clients from entering new positions in several crypto tokens, such as Algorand (ALGO), Decentraland (MANA), Dash (DASH) and Polygon (MATIC).
This past month, Mike Novogratz, Founder of Galaxy Digital Holdings, stated that although institutional clients took a step back from cryptocurrency investing, there’s been a “constant, small, little buying everyday of retail ‘hodlers,’ getting aggregated on apps like Square, Robinhood, Revolut over the UK.”