In a recent email sent to its U.S.-based users on June 28, the prominent U.K. fintech firm Revolut dropped a bombshell announcement: it is discontinuing support for three major cryptocurrencies.
Cardano (ADA), Polygon (MATIC), and Solana (SOL) will no longer be available for purchase through the Revolut app, effective immediately.
Furthermore, Revolut plans to take things a step further in the future. At an unspecified date, users will no longer be able to hold or sell these cryptocurrencies within the platform. Instead, Revolut will automatically liquidate the tokens and deposit the equivalent cash into each user’s Revolut account.
It is essential to note that the removal of these coins affects only a fraction of the numerous cryptocurrencies currently supported by Revolut. With over 80 tokens listed on its platform, the company remains committed to providing a diverse range of digital assets to its customers, as stated on its website.
The recent delisting decision pertains specifically to users of the U.S. version of the Revolut app. Although Revolut is primarily known as a U.K.-based service, it has recently expanded its operations to the United States and other regions.
Revolut cited changing laws and regulations in the U.S. as the reason behind the delisting. While the company did not explicitly mention the ongoing high-profile SEC cases against Coinbase and Binance, it is worth noting that these cases involve ADA, MATIC, and SOL, with the SEC classifying them as securities.
Notably, Revolut is not the only platform for taking such action. In recent weeks, other prominent exchanges and crypto platforms, such as Robinhood and Bakkt, also announced the delisting of ADA, MATIC, and SOL from their offerings.
