Re <<worth>>
Heads-up, oops for bulge-bracket tokens listed on Team USA exchanges
I wish to consider the news as positive but intend to think about and sleep on the vector
bloomberg.com
Revolut to Stop Offering Solana, Cardano, Polygon Tokens for US Users
Fintech app cited provider Bakkt’s move to delist the tokens Tokens among those labeled as unregistered securities by SEC
Yueqi Yang4 July 2023 at 02:36 GMT+8
Photographer: Justin Tallis/AFP/Getty ImagesUK-based fintech app Revolut will stop offering Solana, Cardano and Polygon’s tokens for US customers after its provider Bakkt Holdings Inc. decided to delist the cryptocurrencies.
The change comes as the US Securities and Exchange Commission labeled the tokens as unregistered securities in its lawsuits against crypto exchanges Coinbase Global Inc. and Binance Holdings in June.
Customers of the US Revolut app will be able to exit the three tokens until Sept. 18, after which the platform will automatically sell any remaining tokens at the market price and convert them into dollar deposits, according to an email to customers. There are no plans to delist the tokens in other markets, where they remain available, a spokesperson for Revolut added.
Other platforms have also started making similar moves. Robinhood Markets Inc. said in June that it would remove the same three tokens, and Israel-based social-trading platform eToro also made the decision to stop US users from opening new positions in a number of crypto tokens, including Algorand, Decentraland, Dash and Polygon.
Last month, Mike Novogratz, the founder of Galaxy Digital Holdings Ltd., said while institutional investors retreated from crypto investing, there has been a “constant, small, little buying everyday of retail ‘hodlers,’ getting aggregated on apps like Square, Robinhood, Revolut over the UK.”
Solana fell about 1.9% to $19.21 on Monday, and is down around 14% this year. Cardano gained 2.1% to 29 cents, increasing its gain for the year to around 20%. Polygon’s token increased 4.6% to 70 cents, reducing its 2023 loss to around 30%.
— With assistance by Tom Metcalf
Sent from my iPhone |
