Blog

Crypto Market News: In what might almost certainly be an impact of the U.S. Securities and Exchange Commission’s (SEC) lawsuits in opposition to two of the highest crypto exchanges Binance and Coinbase lately, American monetary companies firm Robinhood introduced on Friday it will finish help to among the crypto market tokens it’s presently providing on its platform. The firm stated its evaluate of the crypto choices led to the choice of ending help for Cardano (ADA), Polygon (MATIC), and Solana (SOL), all of that are coincidentally prime 10 cash by way of market measurement. It stays to be seen if the platform would prolong the delisting to another cash.

Also Read: Hong Kong Monetary Authority Plans To Lay Foundations For A Central Bank Digital Currency, Says Report

All three cash, Cardano (ADA), Polygon (MATIC), and Solana (SOL), nevertheless, didn’t present any fast response to the information of Robinhood delisting, whereas the crypto market kind of reveals a sideways motion, forward of the US Federal Reserve’s rate of interest determination on June 14, 2023.

Robinhood Crypto Delisting

Although the corporate didn’t explicity point out that the explanation for delisting is the Coinbase and Binance lawsuits, it’s speculated that it’s almost certainly the case. On many events prior to now, the US SEC had acknowledged a number of crypto tokens as securities. In the current lawsuits, the regulatory company added as many as 16 new cryptocurrencies to the listing of what it deems to be securities, making it a complete of 67 tokens. The three cryptocurrencies will not be supported on Robinhood crypto from June 27, 2023, the corporate introduced in a statement:

“Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET. No other coins are affected and your crypto is still safe on Robinhood.”

However, the platform will proceed to help buying and selling of Bitcoin, Ethereum, Litecoin, Dogecoin and Shiba Inu, amongst others.

Also Read: Shiba Inu News: 4 Trillion SHIB Worth $32 Million Moved To Binance, Price To Fall?

Anvesh reviews main crypto updates round regulation, lawsuits and buying and selling traits. Published round 1,000 articles and relying on crypto and net 3.0. He is presently based mostly in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

The offered content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.