On June 27, the well-known trading platform Robinhood (HOOD) will stop supporting the tokens Cardano (ADA), Polygon (MATIC), and Solana (SOL), which the Securities and Exchange Commission (SEC) recently labeled securities in litigation against Binance and Coinbase.In a blog post, Robinhood stated that it had chosen to discontinue support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET.”No other coins are affected, and your crypto is still safe on Robinhood,” the statement continued.
Up to the cutoff, users can use the app to exchange and transfer the three tokens.Tokens held in a user’s account after support ends on June 27 will be automatically sold for market value, according to Robinhood.The choice is a result of the company’s ongoing evaluation of cryptocurrencies.Currently, 15 different crypto currencies are available for trading on Robinhood, including avalanche (AVAX), dogecoin (DOGE), ether (ETH), and bitcoin (BTC).
While Polygon earlier declined to comment to CoinDesk regarding the claims that the tokens are securities, Solana and Cardano have both refuted such claims.The three tokens lost some value earlier this week as a result of SEC lawsuits, but they largely held their value on Friday.