The SEC dealt the cryptocurrency market a blow when it first slammed leading cryptocurrency exchanges Binance and Coinbase with a lawsuit. The market remained in a frenzy as sentiments turned negative.
As anticipated, the SEC struck again, and this time, a handful of leading crypto assets, namely Cardano (ADA), Solana (SOL), and Polygon (MATIC), were categorized as unregistered securities.
The bankrupt lending platform Celsius is still home to some of the coins that have remained “blacklisted” by the SEC. Celsius currently owns an estimated $90 million in ADA, MATIC, and SOL, bringing the total altcoin shock to $215 million. The platform also owns nearly $90 million in SOL, ADA, and MATIC. Celsius intends to sell all these stocks and convert them to Bitcoin or Ethereum in July.
Following the new development, Robinhood quickly made an important announcement, revealing that it will no longer support assets like ADA, MATIC, and SOL. The announcement read.
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. Transfer support for ADA, MATIC, and SOL will end on June 26th, 2023 at 6:59pm ET. No other coins are affected and your crypto is still safe on Robinhood.”
Market players spot an incoming sell-off
After 6:59 PM ET on June 27th, users still holding any ADA, MATIC, and SOL tokens in their Robinhood Crypto account will receive the proceeds of the assets sold for market value to their Robinhood buying power.
As the announcement read:
After 6:59 PM ET on June 27th, if you were still holding any ADA, MATIC, and SOL in your Robinhood Crypto account, it was sold for market value and the proceeds were credited to your Robinhood buying power.
It is worth noting that Robinhood is only retracting support for these assets. The new development will not affect all other assets held by users on the platform. Although users can still trade other assets, trading might be limited to a few locations.
Regarding the safety of assets, Robinhood assured users that all their assets are safeguarded with industry-leading security. Almost all digital assets on the Robinhood platform are held in cold storage. Robinhood also maintains that it never lends or leverages against user assets.
One user explained on Twitter that it is crucial for the trading firm Jump-Crypto, which manages crypto for Robinhood, to begin selling their SOL, ADA, and MATIC coins, which could lead to a massive sell-off in the long term.
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