The U.K.-based fintech app Revolut will stop offering Solana, Cardano and Polygon's tokens for U.S. customers after its provider Bakkt Holdings decided to delist the cryptocurrencies.
The change comes as the Securities and Exchange Commission labeled the tokens as unregistered securities in its lawsuits against the crypto exchanges Coinbase Global and Binance Holdings in June.
Customers of the U.S. Revolut app will be able to exit the three tokens until Sept. 18, after which the platform will automatically sell any remaining tokens at the market price and convert them into dollar deposits, according to an email to customers. There are no plans to delist the tokens in other markets, where they remain available, a spokesperson for Revolut added.
Other platforms have also started making similar moves. Robinhood Markets said in June that it would remove the same three tokens, and the Israel-based social-trading platform eToro also made the decision to stop U.S. users from opening new positions in a number of crypto tokens, including Algorand, Decentraland, Dash and Polygon.
Last month, Mike Novogratz, the founder of Galaxy Digital Holdings,
Solana fell about 1.9% to $19.21 on Monday and is down around 14% this year. Cardano gained 2.1% to 29 cents, increasing its gain for the year to around 20%. Polygon's token increased 4.6% to 70 cents, reducing its 2023 loss to around 30%.
—With assistance from Tom Metcalf
