Revolut, a digital bank, removes three cryptocurrencies from its US platform

Revolut, a well-known crypto-friendly bank, has decided to remove three big cryptocurrencies, Polygon (MATIC), Solana (SOL), and Cardano (ADA), from its US trading platform. This action comes after similar decisions by Revolut's partner Bakkt and other platforms like Robinhood and eToro.

In an email, Revolut told US customers they can't buy these three cryptocurrencies anymore and must sell their existing MATIC, SOL, and ADA holdings before September 18. 

The reason for this action is new laws and regulations in the US about cryptocurrencies. Revolut’s decision seems to follow Bakkt’s choice to delist these tokens.

This wave of removals is connected to recent legal actions in the US. The US Securities and Exchange Commission (SEC) has sued big cryptocurrency exchanges like Binance and Coinbase, claiming they sold unregistered securities to customers. 

In these lawsuits, the SEC marked MATIC, SOL, ADA, and other tokens as securities for the first time. To follow these new regulations, Revolut is proactively taking these tokens off its platform.

Revolut’s email also explains the plan to sell any remaining MATIC, SOL, and ADA tokens for customers who don't sell theirs by September 1. Money from these sales will go into customers’ Revolut accounts, based on the market price at the time of the sale

Revolut’s decision to delist these tokens only affects its US operations. A Revolut spokesperson said there are no plans to remove these tokens in other markets where customers can still use them.