Revolut Ends Support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) in the U.S.
Revolut, the U.K. fintech firm, has notified its U.S.-based users via email that it will no longer support three major cryptocurrencies. The immediate effect of this decision is that U.S. users will be unable to purchase Cardano (ADA), Polygon (MATIC), and Solana (SOL) through the Revolut app.
Furthermore, at an unspecified future date, users will no longer be able to hold or sell these cryptocurrencies. Revolut will automatically sell the tokens on behalf of the users and deposit the equivalent cash into their Revolut accounts.
It is important to note that this delisting affects only a small portion of the more than 80 tokens currently supported by Revolut, as stated on their website.
For now, this policy change is applicable only to users of the U.S. Revolut app. While Revolut is primarily a U.K. service, it has recently expanded its operations to the U.S. and other regions.
Revolut has stated that it is removing the mentioned assets from its platform due to evolving laws and regulations in the United States. While the company did not explicitly reference the ongoing cases involving Coinbase and Binance with the Securities and Exchange Commission (SEC), both cases classify ADA, MATIC, and SOL as securities.
In recent weeks, other cryptocurrency exchanges and platforms have also chosen to delist these assets. On June 9, Robinhood announced its decision to remove ADA, MATIC, and SOL, while Bakkt followed suit on June 16.
Although Revolut did not offer further explanation regarding its choice, the company shared a copy of the email it sent to its customers with CryptoSlate.