Financial app Revolut no longer allows US customers to trade Solana (SOL), Cardano (ADA), and Polygon (MATIC).
According to a new Bloomberg report, the United Kingdom (UK) company is delisting the three altcoins after its digital asset marketplace provider Bakkt announced in June that it would be removing support for the tokens until regulatory clarity emerges.
The delisting comes after the US Securities and Exchange Commission (SEC) labeled the tokens as unregistered securities in separate lawsuits filed last month against major crypto exchanges Coinbase and Binance.
According to the report, Revolut’s US customers have until September 18 to sell or move their tokens off the platform.
After that, the platform will automatically sell the tokens at the market price and deposit the proceeds into the customer’s accounts.
Revolut says it has no plans to delist the tokens in markets outside the United States.
Other platforms have taken similar steps since the SEC lawsuits.
Robinhood delisted the same three tokens last month, and popular social trading platform eToro halted purchases of tier-2 scaling solution Polygon along with smart contract platform Algorand (ALGO), metaverse Decentraland (MANA), and privacy-focused protocol Dash (DASH).
According to Bloomberg, Mike Novogratz, the founder of Galaxy Digital Holdings, said last month that institutional investors were wary of crypto investments following the SEC lawsuits. However, he said apps like Square, Robinhood and Revolut saw “constant, small, small purchases every day from retail ‘hodlers’.”
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