Robinhood Continues Support for Shiba Inu, But Delists ADA, MATIC, & SOL

Shiba Inu survives Robinhood’s crypto delisting move. 

Leading American trading, Robinhood has announced plans to end support for some popular cryptocurrencies currently listed on its platform. Interestingly, leading canine-themed cryptocurrency Shiba Inu is not among the list of cryptocurrencies Robinhood plans to delist later this month.

According to an announcement today, the American financial service company said it would end support for Cardano (ADA), Solana (SOL), and Polygon (MATIC) on June 27, 2023, at 06:59 PM (ET).

Notably, the trading platform arrived at a decision based on its latest review of its cryptocurrency offerings.

Binance & Coinbase Lawsuits Prompt Robinhood’s Delisting Move

Despite the development, Robinhood users are still allowed to buy, sell, hold, and transfer SOL, ADA, and MATIC until the deadline of June 27. It is worth noting that Robinhood did not explain why it chose to delist the coins.

However, it is speculated that the SEC lawsuits against Binance and Coinbase may have prompted Robinhood’s decision to end support for the three coins.

As reported earlier, the United States Securities and Exchange Commission labeled ADA, MATIC, and SOL as securities in the cases against Coinbase and Binance.

In addition, Robinhood stated that it may have to delist crypto tokens that are regarded as securities by the SEC. Robinhood made this known after it was subpoenaed by the SEC in February.

Shiba Inu, DOGE, Survive Robinhood Delisting Move

Aside from ADA, MATIC, and SOL, Robinhood clarified that the latest development would not affect other crypto assets on its platform, including Shiba Inu and DOGE.

“This only affects ADA, MATIC, and SOL. All other cryptos you hold on Robinhood will not be affected. And depending on what state you live in, you can still trade all other available coins,” it noted.

It bears mentioning that Robinhood currently supports 18 cryptocurrencies on its platform. With Robinhood planning to end support for ADA, MATIC, and SOL on June 27, the American trading platform will be left with only 15 crypto assets, such as AAVE, AVAX, BTC, BCH, LINK, COMP, DOGE, ETH, ETC, LTC, SHIB, XLM, XTZ, UNI, and USDC.