Bakkt to delist SOL, MATIC and ADA


US institutional platform Bakkt will delist Solana (SOL), Polygon (MATIC), and Cardano (ADA) tokens due to “regulatory uncertainty.” This was announced by the company’s general counsel Mark D’Annunzio in an interview with Fortune.

The company will take the necessary security measures until there is “clearness regarding eligibility to offer a broader list of coins,” he explained.

“It’s okay to talk about things that piss me off. But you have to tell me how to proceed,” Bakkt CEO Gavin Michael said, probably addressing regulators.

The head of the company noted that he would continue to cooperate with the authorities, but predicted even more possible problems in the future.

Regulatory panic among crypto companies began after lawsuits SEC to Binance and Coinbase. The agency accused the exchanges of trading unregistered securities.

Previously, Bakkt offered a modest set of digital assets, limited only to Bitcoin and Ethereum. To expand the list of coins, in April 2023, the company acquired the Apex Crypto trading platform.

However, after half a month, the firm delisted 25 of the 36 available DeFi tokens, including Aave (AAVE), Avalanche (AVAX), Cosmos (ATOM), Fantom (FTM), Filecoin (FIL), Gala (GALA), Sushiswap (SUSHI) and Uniswap (UNI).

Timeline of Bakkt delistings. Data: Fortune.

Bakkt has been listed on the New York Stock Exchange since October 2021. As a result of the session on June 15, the platform’s securities quotes rose by 1.79% to $1.425.

Recall that on May 11, the institutional platform published a report on financial results for the first three months of 2023. The quarterly loss was $0.17 per share, net income reached $13 million, up 4% year-on-year.

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