Digital banking giant Revolut announced that it has stopped its users in the USA from transacting with 3 important altcoins. Related altcoins have been identified as securities under the SEC’s Coinbase and Binance lawsuits.
Revolut shuts down these 3 altcoins in the US
In an email to its users in the US on June 28, Revolut announced that it will end support for the three major altcoins. The altcoins in question are Cardano (ADA), Polygon (MATIC), and Solana, (SOL) were declared securities as part of June’s SEC lawsuits.
According to the announcement, Revolut is ending US users from trading with these 3 altcoins. The digital bank has announced that it will permanently close transactions at an uncertain date at this time. From the date that will appear in the coming days, users will not be able to make any transactions with these 3 altcoins. After this date, Revolut will automatically sell the remaining coins on the platform. It will deposit the equivalent amount into each user’s account.
It should be noted that this delist decision only affects a small portion of altcoins supported by Revolut. The company’s website currently supports more than 80 altcoins. Revolut, a UK-based digital bank startup, has recently expanded its operations to the US and other markets. June’s SEC lawsuits thwarted that effort.
Revolut is not alone
Revolut’s decision to end support for Cardano, Polygon, and Solana follows similar moves from other leading platforms in the industry. US-based stock exchange Robinhood announced on June 9 that it will delist ADA, MATIC and SOL. Similarly, digital asset platform Bakkt announced on June 16 that it will no longer support these three altcoins.
The reasons behind Revolut’s delisting decision were implicit in the email sent to its users. It’s worth noting, however, that regulatory concerns and compliance requirements are effective. Cryptocurrency regulations in the US are heading in a rough direction. Platforms like Revolut may be adjusting their offerings to align with the regulatory environment.
In the email, the company said that it has taken the decision to delist the above 3 altcoins due to changing laws and regulations in the US. While Revolut does not specifically identify the SEC’s pending lawsuits against Coinbase and Binance, both of these lawsuits refer to ADA, MATIC, and SOL as securities.
Coinbase takes a tough stance for the altcoin market
The US centralized crypto exchange shocked the crypto market yesterday by filing a petition to dismiss the SEC lawsuit. cryptocoin.comAs you follow, he is currently asserting his superiority over the SEC in the litigation process. You can check out the new dates for July in the Coinbase-SEC lawsuit from this article.
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