Revolut, a leading fintech firm from the United Kingdom (UK), has recently announced the discontinuation of support for three major cryptocurrencies on its platform. In an email sent to users based in the United States (US) on June 28, Revolut stated that Cardano (ADA), Polygon (MATIC), and Solana (SOL) will no longer be available for purchase through its app, effective immediately. Furthermore, at an unspecified future date, users will also lose the ability to hold or sell these cryptocurrencies. As a result, Revolut will automatically sell the tokens and deposit the equivalent cash into each user’s Revolut account.
Implications for Revolut Users
While this delisting decision impacts a small portion of the coins supported by Revolut, which currently boasts over 80 tokens on its platform, it has significant implications for US-based Revolut app users. Revolut, primarily a UK-based service, has recently expanded its operations to the US and other regions. Consequently, the new policy change regarding ADA, MATIC, and SOL only applies to users of the US Revolut app.
Regulatory Factors Behind the Delisting
Revolut has attributed the delisting of these assets to evolving laws and regulations in the US. Although the company did not explicitly mention the ongoing legal cases involving Coinbase and Binance brought forth by the Securities and Exchange Commission (SEC), it is worth noting that ADA, MATIC, and SOL are explicitly mentioned in both cases as securities. As a result, Revolut’s decision to discontinue support for these cryptocurrencies aligns with the changing regulatory landscape and potential legal implications surrounding them.
Industry Trends: Delistings by Other Platforms
Revolut’s move to delist ADA, MATIC, and SOL is not an isolated incident. Other exchanges and cryptocurrency platforms have also recently decided to discontinue support for these assets. On June 9, Robinhood, a popular trading platform, announced its decision to remove ADA, MATIC, and SOL from its offerings. Similarly, Bakkt, a digital asset marketplace, announced on June 16 that it would also be delisting these coins. These delistings reflect a broader trend within the industry, potentially influenced by regulatory pressures and the need to comply with evolving legal frameworks.
In summary, Revolut’s recent decision to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on its US app represents a response to changing laws and regulations in the country. While this move affects only a small portion of Revolut’s supported cryptocurrencies, it has significant implications for its US-based users. Moreover, the delistings by other platforms and exchanges further underline the evolving regulatory landscape surrounding these assets. As the industry continues to navigate these challenges, users and market participants must stay informed about the changing dynamics and adapt accordingly.