Robinhood Cuts Support for Cardano, Polygon, & Solana

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• Robinhood has announced that it will discontinue support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on its platform, effective from June 27th.
• The decision comes in response to the SEC’s recent lawsuits against major crypto exchanges, alleging that several cryptocurrencies, including ADA, MATIC, and SOL, are unregistered securities.
• Following the June 27 deadline, any holdings left in users’ Robinhood Crypto accounts will be automatically sold at market value.

Robinhood No Longer Supporting Cardano, Polygon & Solana

Robinhood has announced its decision to discontinue support for cryptocurrencies Cardano (ADA), Polygon (MATIC), and Solana (SOL) from June 27th. This follows the Securities and Exchange Commission’s (SEC) recent lawsuits against major crypto exchanges Binance and Coinbase which alleged that several cryptocurrencies were unregistered securities.

Implications For Robinhood Users

Robinhood assures its users that apart from ADA, MATIC, and SOL no other cryptocurrencies on their platform will be impacted by this decision. However post the June 27 deadline any holdings left in users’ Robinhood Crypto accounts will be automatically sold at market value with the proceeds credited to the users’ buying power within Robinhood.

SEC Allegations & Recent Lawsuits

In these lawsuits the SEC claimed that solana’s ‘deflationary mechanism‘, which includes burning SOL tokens could cause investors to view their SOL purchases as potentially profitable due to a decrease in supply and subsequent increase in price of SOL tokens. Similarly it stated that Polygon marketed burning MATIC tokens as fees leading investors to consider them as potential profit avenues.

Impact On Other Token Prices

The news of Robinhood stopping support for these three tokens is likely to have an impact on their prices as well as those of other similar coins listed on other crypto platforms such as Binance or Coinbase who may follow suit due to increasing regulatory pressures across the industry.


It remains unclear if other exchanges will follow suit but one thing is certain; this announcement further highlights the growing regulatory pressure within this space and shows how quickly things can change when it comes to cryptocurrency markets.

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