Revolut is following major crypto exchanges in the US and delisting Cardano (ADA), Polygon (MATIC), and Solana (SOL) for its customers in the country.
The news was shared with affected Revolut users by email this week. US-based users of the digital bank will be barred from purchasing ADA, MATIC, and SOL. After it has ceased support for the delisted tokens, any that remain in users’ accounts will be automatically sold.
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Revolut’s Crypto Ambitions
Launched in 2015, Revolut is a London-based FinTech startup that has grown to become one of the world’s largest neobanks.
Revolut made its first foray into crypto as its business grew in 2017. Since then, the firm has integrated a range of crypto services into its app and boasts support for over 100 cryptos on its website. Until recently, this included Cardano (ADA), Polygon (MATIC), and Solana (SOL).
As it entered the competitive US market in 2020, Revolut’s crypto offering helped it stand out from the crowd. But any venture into digital assets means riding the sector’s highs and lows.
Last year, Revolut’s CEO Nikolay Storonsky defended the decision to continue supporting crypto. Commenting on the business risks it posed in light of the collapse of FTX, he said that “crypto is not over.” In fact, he stated that Revolut is “actually doubling down on crypto products.”
However, that was before the US Securities and Exchange Commission (SEC) started butting heads with US crypto businesses.
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Revolut and Other Exchange Delistings Cast Shadow Over MATIC and SOL
Trouble began when the SEC named major altcoins in lawsuits against Binance and Coinbase last month. Among them were ADA, MATIC, and SOL, which were soon delisted by crypto exchanges, including Robinhood, eToro, and Bakkt.
In the SEC’s complaints, such firms have cited uncertainty over the legal status of dozens of coins classified as securities.
After being dropped by major exchanges, the prices of the affected tokens have taken a hit.
For example, MATIC is trading at less than half of what it was in the spring. And the bad news may continue amid a pessimistic outlook for the cryptocurrency.
What’s more, Solana is also in dangerous territory after news that Robinhood was liquidating around $26 million worth of SOL prompted a notable price correction.
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