Robinhood will stop supporting ADA, MATIC, and SOL starting June 27

The decision is based on a review of the listing policy

09.06.2023 - 13:30

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What’s new? Online broker Robinhood announced its decision to stop supporting Cardano (ADA), Polygon (MATIC), and Solana (SOL) cryptocurrencies from June 27, 2023, at 6:59 pm ET. The company’s representatives noted that the decision was made in accordance with a regular review of the assets offered for trading on the platform.

News on the broker’s website

What else is known? Robinhood stressed that other tokens will not be affected, and users’ crypto assets remain safe. The broker’s customers will be able to continue buying, selling, and holding ADA, MATIC, and SOL up to a specified date (except for residents of Hawaii, Nevada, and New York, where restrictions have been implemented). After that date, ADA, MATIC, and SOL in user accounts will be sold at market value, with the proceeds deposited into trading balances.

Previously, in lawsuits against crypto exchanges Binance and Coinbase, the US Securities and Exchange Commission (SEC) qualified several PoS tokens as securities, including SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.

What is known about Robinhood? The online broker founded in 2012, gives investors access to the financial markets and allows them to trade stocks, ETFs, options, cryptocurrencies, and stock shares without commissions. It is listed on the US Nasdaq stock exchange under the ticker HOOD. As of June 9, the shares are trading at $9,50 (+1,26% overnight, according to Investing.com).

Representatives of Solana and Cardano categorically rejected the SEC’s claims. The Solana Foundation team said it “strongly believes that SOL is not a security.” And the Cardano developer said that ADA is not a security “under no circumstances” and “it never has been.”

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