{"id":20513,"date":"2023-06-09T12:09:14","date_gmt":"2023-06-09T16:09:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/robinhood-delists-cardano-polygon-and-solana-following-sec-labeling-them-as-securities\/"},"modified":"2023-06-09T12:09:15","modified_gmt":"2023-06-09T16:09:15","slug":"robinhood-delists-cardano-polygon-and-solana-following-sec-labeling-them-as-securities","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20513","title":{"rendered":"Robinhood Delists Cardano, Polygon and Solana Following SEC Labeling Them As Securities"},"content":{"rendered":"
\n

Brokerage firm Robinhood has decided to delist Cardano, Polygon and Solana after the US Securities and Exchange Commission said those three were securities in its charges against two large crypto exchanges this week.<\/p>\n

Robinhood said it would end support for the three on June 27, and said that investors could still buy, sell and hold ADA, MATIC and SOL until the deadline.\u00a0<\/p>\n

\u201cAll other crypto you hold on Robinhood will not be affected,\u201d the firm said in a press release<\/u> on Friday.\u00a0<\/p>\n

Robinhood said investors don\u2019t have to sell ADA, MATIC and SOL and can send them to another wallet or crypto firm, however any leftover will be automatically sold and credited.\u00a0<\/p>\n

SEC\u2019s crackdown on exchanges<\/h2>\n

The SEC has been busy this past week.<\/p>\n

The agency sued both Binance, the world\u2019s largest crypto exchange, and Coinbase, the largest US-based crypto exchange, on Monday and Tuesday.\u00a0<\/p>\n

In the charges, the SEC said ADA, MATIC and SOL, along with others, were securities.\u00a0<\/p>\n

This week Dan Gallagher, Robinhood\u2019s legal chief and former SEC commissioner, told<\/u> Congress that Robinhood was reviewing the regulator’s analysis to determine if any actions needed to be taken, Bloomberg reported Wednesday.\u00a0\u00a0<\/p>\n

The SEC sued<\/u> Binance and its CEO Changpeng Zhao over their \u201cblatant disregard\u201d of securities laws, including operating an exchange illegally and defrauding investors.\u00a0<\/p>\n

Days later, new documents have revealed<\/u> that \u201clarge amounts of money\u201d were moved around in Binance accounts, according to an accountant for the SEC.\u00a0<\/p>\n

\u201cThe transactions in many of the Binance or Zhao-owned company accounts held at Silvergate Bank and Signature Bank show large amounts of money flowing in and out of the accounts,\u201d the accountant said. \u201cThe large incoming credits are followed by outgoing debits within days, with the result that the accounts maintain a relatively much lower balance at month\u2019s beginning and end.\u201d<\/p>\n

A day after suing Binance, the SEC sued Coinbase and said it was unlawfully operating its exchange without registering with the agency.\u00a0<\/p>\n

The regulator also charged the US crypto exchange for the unregistered offer and sale of securities related to its staking-as-a-service program.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Brokerage firm Robinhood has decided to delist Cardano, Polygon and Solana after the US Securities and Exchange Commission said those three were securities in its charges against two large crypto exchanges this week. Robinhood said it would end support for the three on June 27, and said that investors could still buy, sell and hold […]<\/p>\n","protected":false},"author":1,"featured_media":20514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-20513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nRobinhood Delists Cardano, Polygon and Solana Following SEC Labeling Them As Securities | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Brokerage firm Robinhood has decided to delist Cardano, Polygon and Solana after the US Securities and Exchange Commission said those three were\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=20513\" \/>\n<meta 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