"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 said in a blog post. "No other coins are affected and your crypto is still safe on Robinhood," the post added.
Users are able to continue trading and transfer of the three tokens on the app until the deadline. After support stops on June 27, tokens left in a user’s account will be automatically sold for market value, Robinhood said.
The decision comes as part of the company’s regular review of cryptocurrencies, Robinhood said. However, those were the only tokens that were listed on the trading platform, that were named as securities by the recent SEC lawsuits.
After the delisting, the platform will offer the trading for 15 different crypto currencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE), and avalanche (AVAX) - all of which were not included in the SEC lawsuit as securities.
“When Chair Gensler at the SEC in 2021 said, ‘Come in and register,’ we did,” said Robinhood Markets' chief compliance lawyer Dan Gallagher in his testimony. “We went through a 16-month process with the SEC staff trying to register a special purpose broker dealer. And then we were pretty summarily told in March that that process was over and we would not see any fruits of that effort,” he added.
Update (June 9, 15:32 UTC): Adds more context on Robinhood's efforts to register with the SEC.
Update (June 9, 16:33 UTC): Updates headline, lead and fourth paragraph to say Robinhood will end support for all the tokens it had on the platform that were named by the SEC lawsuits as securities.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.