Robinhood Delists Cardano, Solana, and Polygon Amid Regulatory Pressure

US-based online broker Robinhood Markets, Inc. ("Robinhood") announced that it would delist three crypto tokens - Solana (SOL), Cardano (ADA), and Polygon (MATIC) - from its platform on June 27, 2023. The decision comes shortly after the U.S. Securities and Exchange Commission (SEC) took serious enforcement action against leading crypto exchanges Binance​ and Coinbase​.

In a statement released last Friday, Robinhood said: "We regularly review the crypto we offer on Robinhood. 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."

It further explained: "After the deadline, any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value and the proceeds will be credited to your Robinhood buying power."

In addition, the company also emphasized that other tokens are not affected and can still be safely traded on the platform.

Robinhood's scrutiny of cryptocurrencies has intensified. In January, the platform delisted BSV​, the native token of the Bitcoin SV blockchain. In February, the broker received subpoena​ from the US financial regulator over crypto business such as listing and custody.