Robinhood Halts Support For Cardano, Polygon, And Solana On June 27th

Key Points:

• Robinhood to End Support for Cardano, Polygon, and Solana on June 27th, 2023.
• Users Can Continue Trading ADA, MATIC, and SOL until June 27th.
• Automatic Sale of Remaining ADA, MATIC, and SOL after the deadline.

Robinhood decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 after the US SEC determined that a large number of tokens on Coinbase and Binance were securities.

Robinhood has announced that it will no longer support Cardano (ADA), Polygon (MATIC), and Solana (SOL) after June 27th, 2023 at 6:59 PM ET. The decision came after the US Securities and Exchange Commission (SEC) classified a large number of tokens on Coinbase and Binance as securities. This update applies to Robinhood’s cryptocurrency trading platform and no other coins are affected.

Until the deadline, users can continue to buy, sell, and hold their ADA, MATIC, and SOL. Users will also be able to transfer their holdings until June 27th, 2023. However, residents of Hawaii or Nevada will not be able to purchase ADA, MATIC, and SOL, while residents of New York will not be able to transfer these coins.

After the deadline, any remaining ADA, MATIC, and SOL in Robinhood Crypto accounts will be sold for market value and the proceeds will be credited to users buying power. Users do not have to sell their ADA, MATIC, and SOL holdings before the deadline, but any remaining coins after the deadline will be automatically sold.

Other cryptocurrencies held on Robinhood will not be affected by this update, and users’ crypto assets are still safe on Robinhood. Robinhood protects its customers’ coins with industry-leading security measures, and nearly all crypto is held in cold storage. Robinhood also never lends or leverages against its customers’ coins.

Additionally, the platform currently offers a variety of cryptocurrencies, including BTC, ETH, LTC, ETC, BSV, BCH, DOGE, SHIB, COMP, LINK, UNI, AVAX, XLM, USDC, XTZ, and AAVE.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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