Robinhood Moves to Cut Support for Cardano, Polygon and Solana

The popular trading app Robinhood is ending support for three cryptocurrencies in Cardano (ADA), Polygon (MATIC), and Solana (SOL) from June 27, 2023.

"We regularly review the crypto we offer on Robinhood," the firm shared in an update. "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."

Users have to withdraw or sell these assets for fiat or other eligible assets on Robinhood by the deadline.

Post that, these assets will be sold at market prices with the sale proceeds going toward the users.

Per data from CoinGecko, the price of all three assets has been mixed with ADA falling 2.7%, MATIC dropping 0.4%, and SOL rising 1.1% in the past 24 hours.

ADA

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The decision comes days after the U.S. Securities and Exchange Commission sued Binance and Coinbase for a variety of allegations, with securities law violations being common between the two charges brought by the regulator.

Both the lawsuits alleged that ADA, MATIC, and SOL were unregistered securities.

"This introduced a cloud of uncertainty around these assets and, as a result, our team has decided to end support for them," a Robinhood spokesperson shared with Decrypt. A similar message was issued to some of Robinhood's user base this morning.

Dan Gallagher, Robinhood’s regulatory compliance head also testified before the House Agriculture Committee on Tuesday claiming that the firm was “actively reviewing” its crypto offerings.

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The trading app added support for Solana and Polygon in April 2022 with Cardano’s listing coming in September 2022.

Robinhood will support three fewer crypto tokens from its initial list of 18 which includes Bitcoin (BTC), Ethereum (ETH), meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), layer-1 tokens like Avalanche (AVAX) and Tezos (XTZ), and DeFi tokens like Aave (AAVE), Compound (COMP), and Uniswap (UNI).