Robinhood Ends Support for Some Tokens Named in SEC Lawsuit as Securities

Robinhood (HOOD), the popular trading platform, will end support for Cardano (ADA), Polygon (MATIC) and Solana (SOL) on June 27th – tokens that were named as securities in recent the Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase.

“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,” Robinhood said in a blog post. “No other coins are affected and your crypto is still safe on Robinhood,” the post added.

Users are able to continue trading and transfer of the three tokens on the app until the deadline. After support stops on June 27, tokens left in a user’s account will be automatically sold for market value, Robinhood said.

The decision comes as part of the company’s regular review of cryptocurrencies. Robinhood currently offers the trading for 15 different crypto currencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE), and avalanche (AVAX).

Both Solana and Cardano have rejected the claims of the tokens being a security, while Polygon declined to comment earlier to CoinDesk about the matter. The three tokens were mostly unchanged on Friday, after taking a hit earlier this week, following SEC lawsuits.