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Investment platform Robinhood will stop help for Cardano (ADA), Polygon (MATIC), and Solana (SOL) cryptocurrencies from 6:50 p.m. (EST) on June 27, 2023. The transfer comes because the Securities and Exchange Commission (SEC) steps up its unprecedented crackdown on crypto belongings.
For all its reputation, Robinhood shouldn’t be immune to strain from regulators bent on curbing using tokens they deem to be unregistered securities. This choice follows a latest assessment of the cryptocurrencies provided on the platform.
Robinhood Plays It Safe With the SEC
The platform gives commission-free buying and selling of shares, choices, ETFs, and cryptocurrencies. The firm initially targeted on conventional investing. However, Robinhood expanded its companies to embody cryptocurrency buying and selling in 2018.
Learn the place finest to commerce digital belongings:
Users who presently maintain ADA, MATIC, and SOL can proceed to purchase, promote, and maintain these cryptocurrencies. Users have the choice to switch ADA, MATIC, and SOL till June 27, besides in the event that they reside in Hawaii, Nevada, or New York.
After the deadline, any remaining ADA, MATIC, and SOL in a Robinhood account might be offered at their market worth. Robonhood will credit score the proceeds from the gross sales to the merchants’ Robinhood accounts. Users even have the choice to ship them to one other wallet or crypto platform.
The transfer comes as a response to the SEC just lately designating a lot of cryptoassets as unregistered securities. The buying and selling platform is probably going making an attempt to keep away from any regulatory scrutiny from Gensler’s SEC. It shouldn’t be exhausting to see why a agency would want to keep away from any problems.
This week, the company introduced lawsuits in opposition to Binance and Coinbase, the 2 largest crypto exchanges. Both face fees of breaking a number of securities legal guidelines. Both exchanges deny any wrongdoing. But, given how different high-profile enforcement actions involving the likes of Ripple have performed out, they could be nearer to the start than the tip of their authorized troubles.
Disclaimer
In adherence to the Trust Project pointers, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to present correct, well timed info. However, readers are suggested to confirm details independently and seek the advice of with knowledgeable earlier than making any choices primarily based on this content material.
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