Cardano

Solana

Bitcoin

April

<p><strong>Robinhood was the <a href="https://walletinvestor.com/magazine/binance-us-suspends-usd-deposits-and-delists-10-trading-pairs" target="_blank" rel="noopener">second</a> crypto exchange to delist cryptocurrencies as a result of the SEC crackdown.</strong></p>
<h2 style="text-align: center;" id="robinhood-delists-solana-polygon-and-cardano">Robinhood Delists Solana, Polygon, and Cardano</h2>
<p>Fintech trading app Robinhood has <a href="https://robinhood.com/us/en/support/articles/cardano-polygon-solana-update/">decided</a> to delist three cryptocurrencies, Solana, Polygon, and Cardano, due to increased scrutiny from the Securities and Exchange Commission (SEC).</p>
<h2 style="text-align: center;" id="end-of-support-for-solana-polygon-and-cardano">End of Support for Solana, Polygon, and Cardano</h2>
<p>Effective from June 27, 2023, at 6:59 p.m. ET, Robinhood will no longer provide support for Solana, Polygon, and Cardano. Users are allowed to transfer these cryptocurrencies until the mentioned deadline. Afterward, Robinhood will sell off the user&#8217;s holdings at the prevailing market value.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">.<a href="https://twitter.com/robinhood?ref_src=twsrc%5Etfw">@Robinhood</a> is delisting <a href="https://twitter.com/hashtag/ADA?src=hash&amp;ref_src=twsrc%5Etfw">#ADA</a>, <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw">#MATIC</a>, and <a href="https://twitter.com/hashtag/SOL?src=hash&amp;ref_src=twsrc%5Etfw">#SOL</a><a href="https://t.co/zuZKbInYNy">https://t.co/zuZKbInYNy</a></p>
<p>— U.Today (@Utoday_en) <a href="https://twitter.com/Utoday_en/status/1667169487185928195?ref_src=twsrc%5Etfw">June 9, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Customers have until the deadline of June 27, 2023, to withdraw or sell their Cardano, Polygon, and Solana assets. They can convert them into fiat currency or other eligible assets available on Robinhood.</p>
<h2 style="text-align: center;" id="sec-lawsuits-prompt-robinhood-8217-s-decision">SEC Lawsuits Prompt Robinhood&#8217;s Decision</h2>
<p>Robinhood&#8217;s move comes shortly after the SEC filed lawsuits against major cryptocurrency exchanges, Coinbase and Binance. In response, Robinhood&#8217;s Chief Legal Compliance Officer, Dan Gallagher, announced that the company was reviewing the situation and considering its own regulatory compliance.</p>
<h2 style="text-align: center;" id="robinhood-8217-s-statement-and-user-safety">Robinhood&#8217;s Statement and User Safety</h2>
<p>In a statement released on Friday, Robinhood reassured its users that no other cryptocurrencies would be affected by this decision. The company emphasized that users&#8217; existing cryptocurrency holdings on Robinhood remained safe and unaffected.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">BREAKING 🚨🚨🚨</p>
<p>Robinhood is delisting crypto securities</p>
<p>List coming soon but <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> still on sale 🔥 <a href="https://t.co/KnyJsu6QlT">pic.twitter.com/KnyJsu6QlT</a></p>
<p>— LarPar ⚡️🇮🇪 Stack Sats (@larpar) <a href="https://twitter.com/larpar/status/1667167572775632896?ref_src=twsrc%5Etfw">June 9, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="compliance-challenges">Compliance Challenges</h2>
<p>The SEC lawsuits against Coinbase and Binance brought attention to the registration status of certain cryptocurrencies. Robinhood, as a licensed broker-dealer for securities trading, admitted that it might not have the necessary authorization to trade unregistered securities like Solana, Polygon, and Cardano.</p>
<h2 style="text-align: center;" id="sec-chair-8217-s-remarks-on-investor-protection">SEC Chair&#8217;s Remarks on Investor Protection</h2>
<p>SEC Chair Gary Gensler emphasized the need for increased investor protection in the cryptocurrency industry, citing various compliance issues and the presence of fraudulent activities. Gensler drew parallels between the current situation and the lack of regulations in the securities markets before the implementation of federal securities laws in the 1920s.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">BREAKING: Robinhood is delisting crypto securities<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> still on sale 🔥</p>
<p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1667166617963315201?ref_src=twsrc%5Etfw">June 9, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="previous-support-and-financial-snapshot">Previous Support and Financial Snapshot</h2>
<p>Robinhood had previously added support for Solana and Polygon in April 2022, followed by Cardano&#8217;s listing in September 2022. The company&#8217;s cryptocurrency trading revenue in Q1 2023 reached $38 million, accounting for a year-over-year increase of 47.5%. The exchange currently holds $11.5 billion worth of cryptocurrencies, a 36% increase compared to Q4 2022.</p>
<h2 style="text-align: center;" id="conclusion">Conclusion</h2>
<p>In response to the SEC&#8217;s regulatory actions against Coinbase and Binance, Robinhood has decided to delist Solana, Polygon, and Cardano from its platform. Users are advised to withdraw or sell their holdings of these cryptocurrencies before June 27, 2023. Robinhood assures users that their other cryptocurrencies remain safe on the platform.</p>

Robinhood Ends Support for Solana, Polygon, and Cardano

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