Robinhood drops three tokens targeted by SEC lawsuits

by Jun 11, 2023CryptoNews0 comments

Robinhood, a popular app for trading stocks and cryptocurrencies, has announced that it will stop supporting Cardano, Polygon, and Solana — three tokens that the U.S. Securities and Exchange Commission (SEC) has accused of being unregistered securities in its recent lawsuits against crypto exchanges Binance and Coinbase. Robinhood said that it will delist the three tokens on June 27 after a review. In a series of tweets, the company said that the SEC’s actions have created uncertainty around the tokens — which are the only ones among the ones named in the lawsuits that Robinhood supports.

Robinhood said that it believes in the future of crypto and will continue to advocate for regulatory clarity in the U.S. so that customers can participate in the market with more confidence. Robinhood’s retail mobile app and platform are still operating in the U.S. Retail customers can also access crypto derivatives trading regulated by the CFTC and the UpDown Options feature, which allows them to take long or short positions on the future price movements of various cryptocurrencies.

Robinhood is open to resuming its support for the three tokens in the U.S. in the future. In the meantime, the company has received a major payment institution license from the Monetary Authority of Singapore, which enables it to offer digital payment token services in the country.

The U.S. has been a difficult market for crypto exchanges since June 2023. The SEC has sued Binance and Coinbase, alleging that they have been offering unregistered securities on their platforms, including 13 tokens such as Cardano ( ADA ), Polygon ( MATIC ), and Solana ( SOL ). The crypto community has reacted negatively to the SEC’s moves, as they have increased the regulatory pressure on the industry since FTX collapsed.

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