US digital investment bank Revolut has announced that it will stop offering Cardano (ADA), Polygon (MATIC) and Solana (SOL) altcoins to crypto clients, citing the changing regulatory environment in the country.
The move comes after the Securities and Exchange Commission (SEC) signaled that some altcoins could be considered securities and be subject to tighter regulations.
Revolut said in an email to its users that it will remove the three tokens from the crypto platform. Users will not be able to buy any more of these tokens from today, but will be able to hold and sell them until the delist date.
According to CoinMarketCap, Cardano, Polygon, and Solana are among the top 20 cryptocurrencies by market cap.
While this decision may seem alarming at first, it’s important to note that the impact will be limited to users in the United States. The uncertain regulatory status of these tokens, which are considered unregistered securities by the SEC, prompted Revolut to take action. Interestingly, this decision follows similar actions taken by other leading centralized trading platforms such as Robinhood, Bakkt and eToro.
In addition, the price action of these tokens in the last 24 hours has not had much effect, and all three cryptocurrencies are on the rise in line with the overall crypto market.
*Not investment advice.
