Fintech Giant Revolut Halts U.S. Trading of Solana, Cardano, Polygon Tokens

• Fintech Giant Revolut has announced that they will be halting the offering of Solana (SOL), Cardano (ADA) and Polygon (MATIC) tokens for customers in the United States.
• This is due to Revolut’s provider, digital asset platform Bakkt, deciding to delist these cryptocurrencies after the US Securities and Exchange Commission classified them as unregistered securities.
• Other crypto platforms, such as Robinhood and eToro, have also taken similar measures after the SEC levied charges against Binance and Coinbase.

Fintech Giant Revolut To Cease Offering Tokens In The U.S.

Fintech Giant Revolut has announced that it will cease offering Solana (SOL), Cardano (ADA), and Polygon (MATIC) tokens for customers in the United States. This decision comes after their provider, digital asset platform Bakkt, decided to delist these cryptocurrencies amid the US Securities and Exchange Commission categorizing them as unregistered securities. The delisting of these tokens will come into effect starting September 18th.

SEC Categorizes Tokens As Unregistered Securities

The US Securities and Exchange Commission categorized these tokens as unregistered securities which led to major crypto platforms like Revolut taking action by delisting them from their offerings in the US market. Users who currently hold these tokens will have until September 18th to sell them before they are no longer able to buy, sell or hold these tokens within their Revolut accounts.

Other Crypto Platforms Delist Tokens

Popular brokerage firm Robinhood has also delisted Cardano, Polygon, and Solana after the SEC said those three were securities. Likewise, Israel-based social trading platform eToro restricted US users from opening new positions in various crypto tokens including Algorand, Decentraland Dash and Polygon.

SEC Takes Action Against Crypto Exchanges

The move by crypto platforms to delist these cryptocurrencies came after the SEC took action against two major digital asset trading platforms; Binance and Coinbase. The commission filed 13 charges against Binance ranging from allegedly operating as an unregistered exchange to offering unregistered securities; while levying similar charges against Coinbase claiming that it operated as an exchange without registration requirements being met firstly.

Conclusion

Overall, Fintech Giant Revolut’s decision to halt offering token services in the U.S., alongside other popular crypto exchanges such as Robinhood and eToro following suit is a result of actions taken by the SEC against Binance and Coinbase for not meeting registration requirements on certain digital assets deemed securities by federal regulators in America

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