Revolut, a prominent fintech firm from the UK, has recently informed its U.S.-based users via email that it will no longer provide support for three major cryptocurrencies. The announcement states that Cardano (ADA), Polygon (MATIC), and Solana (SOL) will no longer be available for purchase through the Revolut app, effective immediately. Furthermore, users will eventually lose the ability to hold or sell these cryptocurrencies, as Revolut plans to automatically sell the tokens and deposit the equivalent cash into each user’s Revolut account. It is important to note that this decision only affects a small subset of the numerous coins currently supported by Revolut, as the company’s website reveals that it supports over 80 tokens.
Impact on U.S. Revolut App Users
The new policy regarding the delisting of ADA, MATIC, and SOL specifically applies to users of the U.S. Revolut app. While Revolut primarily operates in the UK, it has recently expanded its services to the United States and other regions. The company has justified its decision to delist these assets by citing evolving U.S. laws and regulations. Although Revolut does not explicitly mention the ongoing cases involving Coinbase and Binance brought forth by the Securities and Exchange Commission (SEC), it is worth noting that both cases identify ADA, MATIC, and SOL as securities. As a result, other exchanges and crypto platforms have also chosen to delist these assets in recent weeks. For instance, Robinhood decided to delist ADA, MATIC, and SOL on June 9, while Bakkt followed suit on June 16.
Reasons behind the Delisting Decision
Revolut’s move to end support for ADA, MATIC, and SOL is a direct response to the changing regulatory landscape in the United States. With the SEC actively pursuing legal action against major players in the cryptocurrency industry, Revolut aims to align itself with the evolving regulations to safeguard its operations. By delisting these assets, Revolut mitigates its exposure to potential legal risks and ensures compliance with the regulatory framework established by the SEC.
Revolut’s Expanding Influence in the Crypto Market
While Revolut’s decision to delist certain cryptocurrencies may disappoint some U.S. users, it is crucial to consider the company’s broader trajectory in the cryptocurrency market. Revolut has rapidly grown as a fintech firm and has gained prominence for its user-friendly app and extensive range of supported tokens. Despite the delisting of ADA, MATIC, and SOL, Revolut continues to offer a wide selection of cryptocurrencies to its global user base. As the company expands its reach and adapts to the evolving regulatory landscape, it remains committed to providing innovative financial solutions in the crypto space.