Per Decrypt
Robinhood cuts three major tokens; Cardano, Polyugon, and Solana
6/9/2023
Robinhood has recently axed three major tokens after the Securities and Exchange Commission recently listed them as unregistered securities. This comes as the SEC is going against Coinbase and Binance with lawsuits.
The three major tokens to no longer be supported by Robinhood include the following.
- Cardano (ADA)
- Polygon (MATIC)
- Solana (SOL)
It was noted that the support for these three cryptocurrencies are expected to end on June 27, 2023. The firm shared an update on its official website announcing the end of its support for the three crypto.
"We regularly review the crypto we offer on Robinhood... Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET."
Robinhood announced that before the deadline, users would be given two options if they owned the assets. They can either sell the assets in exchange for fiat money or exchange them for eligible assets on the platform.
When the deadline comes, all assets would be sold at market price with users automatically receiving the proceeds of the sale. A Robinhood spokesperson gave a statement regarding the situation.
"This introduced a cloud of uncertainty around these assets and, as a result, our team has decided to end support for them,"
Recently, a US District Judge has given plaintiffs a new chance to pursue action against Kim Kardashian for her involvement in EthereumMax (EMAX)). This came despite a federal judge dismissing the case and the celebrity having to pay an over a $1 million fine.
In June, it was noted that SEC Chair Gary Gensler reportedly offered to serve as an advisor to Binance. This information reportedly came from lawyers representing both Binance and its founder, Changpeng Zhao, otherwise more popularly known in the crypto world as CZ.
See flow at unusualwhales.com/flow.
Other News:
- Federal Judge dismissed Kim Kardashian, but US District Judge gives plaintiffs a new chance to pursue action
- The SEC Chair Gary Gensler reportedly offered to serve as an advisor to Binance, as per Binance’s lawyers
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