Robinhood stops supporting certain tokens mentioned in SEC lawsuit as securities.
The popular trading platform Robinhood will no longer support Cardano (ADA), Polygon (MATIC), and Solana (SOL) starting June 27th. These tokens were named as securities in recent Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase. Robinhood stated in a blog post that the decision was made after their latest review and that no other coins are affected. Users can continue trading and transferring the three tokens on the app until the deadline. After support stops, any tokens left in a user’s account will be automatically sold for market value. Robinhood currently offers trading for 15 different cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and Avalanche (AVAX). Although Solana and Cardano have denied the claims of being securities, Polygon declined to comment on the matter earlier. The three tokens remained mostly unchanged on Friday after taking a hit earlier this week following SEC lawsuits.
Read more: Altcoins Dip Following Second SEC Lawsuit Against Crypto Exchange
Edited by Aoyon Ashraf.
