Crypto & stock platform Robinhood delisted 3 flagship assets from the platform, following SEC vs crypto firms suits news.
Robinhood is a popular US-based crypto & stock trade platform. Robinhood Markets Inc, the parent firm behind the Robinhood platform, trades on Nasdaq under HOOD index. In June 2019, Robinhood first time introduced crypto trading services on its platform. In 2021, this platform generated record revenue because of only crypto business & later expanded its services in 2022 with huge investment.
On 9 June 2023, Robinhood announced that its team decided to stop trading support for Polygon (Matic), Cardano (ADA), & Solana (Sol).
The publicly traded firm confirmed that it will guide customers to help them to easily withdraw their tokens or sell them in case any customer doesn’t want withdrawal outside of the platform.
“Everyone who holds Solana (SOL), Polygon (MATIC), and Cardano (ADA) will receive detailed instructions on how to sell and/or withdraw their coins, where supported,” the announcement read.
The Robinhood team confirmed that a decision has been taken on behalf of the United States Securities Exchange Commission (SEC)’s suits against BinanceUS & Coinbase exchange, in which they mentioned a dozen of crypto assets as a security token.
For the last 6 months, the SEC body has been initiating enforcement actions against Crypto firms but failing to provide any regulatory clarity.
The current situation for the crypto companies is very bad to operate a crypto business in America but still, the Robinhood platform believes that the future of crypto is bright & the US regulators will bring clear crypto rules.
Recently Cardano’s blockchain firm IOG responded to the SEC’s suits and said that the SEC agency considered ADA coin as a security on behalf of wrong facts.
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