Robinhood to end support for Cardano, Polygon and Solana


Starting June 27, the cryptocurrency platform of the online broker Robinhood will stop supporting Cardano (ADA), Polygon (MATIC) and Solana (SOL) cryptocurrencies.

After the designated date, the respective assets of users are automatically converted into fiat.

Until June 27, owners can buy, sell, store and transfer ADA, MATIC and SOL.

“No other coins are affected and your cryptocurrency is still safe on Robinhood,” the support team said in a statement.

The company did not explain the reasons for the decision. June 5 SEC filed a lawsuit against the Binance bitcoin exchange and its CEO Changpeng Zhao, the next day the regulator filed claims against Coinbase. In both cases, the agency classified ADA, MATIC, and SOL as securities-like assets.

During a congressional hearing on June 6, Robinhood’s director of compliance, Dan Gallagher, acknowledged that the platform is monitoring the Commission’s activity regarding the possible delisting of any assets.

“We are actively reviewing the SEC’s analysis to understand what action should be taken in this regard, if necessary,” he said.

Robinhood Crypto also supports BTC, ETH, LTC, ETC, BSV, BCH, DOGE, SHIB, COMP, LINK, UNI, AVAX, XLM, USDC, XTZ, and AAVE. These coins do not appear in the SEC lawsuits.

Recall that in the first quarter, the platform’s income from operations related to cryptocurrencies fell by 30% in annual terms, to $38 million.

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