Robinhood's Cryptocurrency Delisting: #ShibaInu Survives, ADA, MATIC, & SOL Removed

Bombolo | News and Media

Leading American trading platform, Robinhood, has recently made headlines with its announcement to end support for several popular cryptocurrencies listed on its platform. However, among the list of affected digital assets, the canine-themed cryptocurrency, Shiba Inu, has managed to escape the delisting move, much to the relief of its supporters.

Robinhood's Announcement and Timeline

In a recent announcement, Robinhood, a prominent financial service company, revealed its plan to discontinue support for Cardano (ADA), Solana (SOL), and Polygon (MATIC) on June 27, 2023, at 06:59 PM (ET). This decision comes after a thorough review of the platform's cryptocurrency offerings.

Reasons for Delisting

Although Robinhood has not provided explicit reasons for the delisting of these coins, industry speculation points towards the recent lawsuits by the United States Securities and Exchange Commission (SEC) against major cryptocurrency exchanges Binance and Coinbase. The SEC lawsuits resulted in ADA, MATIC, and SOL being classified as securities, which may have influenced Robinhood's decision.

Impact on Robinhood Users

Robinhood users need not panic as they still have the ability to buy, sell, hold, and transfer SOL, ADA, and MATIC until the deadline of June 27. It is important to note that Robinhood has not provided a detailed explanation regarding the delisting of these coins, leaving some users puzzled.

Shiba Inu and DOGE's Exemption

One relief for Shiba Inu enthusiasts and DOGE holders is that the delisting announcement does not affect these particular cryptocurrencies. Robinhood has explicitly stated that the move only applies to ADA, MATIC, and SOL. Consequently, users residing in different states can continue trading all other available coins on the platform.

As of now, Robinhood supports a total of 18 cryptocurrencies. With the impending delisting of ADA, MATIC, and SOL, the trading platform will continueato offer 15 digital assets, including popular options such as AAVE, AVAX, BTC, BCH, LINK, COMP, DOGE, ETH, ETC, LTC, SHIB, XLM, XTZ, UNI, and USDC.

In summary, Robinhood's decision to delist Cardano, Solana, and Polygon has raised concerns among cryptocurrency traders. However, the survival of Shiba Inu and DOGE provides some reassurance to those holding these particular assets. Robinhood users can still trade the remaining cryptocurrencies available on the platform, and the delisting move is scheduled for June 27, 2023.

The cryptocurrency market continues to evolve, and traders should stay informed about the latest developments to make informed decisions.

FAQ

Q: Why did Robinhood decide to delist Cardano, Solana, and Polygon? A: Robinhood has not provided a specific explanation for the delisting, but speculation suggests it may be related to recent SEC lawsuits against Binance and Coinbase.

Q: Can Robinhood users still trade Cardano, Solana, and Polygon until the delisting date? A: Yes, Robinhood users can continue to buy, sell, hold, and transfer ADA, SOL, and MATIC until June 27, 2023.

Q: Will the delisting of Cardano, Solana, and Polygon affect other cryptocurrencies on Robinhood? A: No, the delisting announcement only applies to ADA, SOL, and MATIC. Other cryptocurrencies on Robinhood will remain unaffected.

Q: Is Shiba Inu safe from delisting? A: Yes, Shiba Inu is not among the cryptocurrencies slated for delisting by Robinhood. It will continue to be available for trading on the platform.

Q: How many cryptocurrencies will be available on Robinhood after the delisting? A: After the delisting of ADA, MATIC, and SOL, Robinhood will still support 15 other cryptocurrencies, including popular options like BTC, ETH, DOGE, and LTC.