Bakkt Becomes Latest Exchange to Drop Solana, Polygon, and Cardano
Bakkt, a crypto exchange based in New York, becomes the latest trading platform to end its support for Solana (SOL), Cardano (ADA), and Polygon (MATIC), following the steps of Robinhood and eToro, the Fortune reported on Friday. The move comes after these three cryptocurrencies, among many others, found their way on the Securities and Exchange Commission’s (SEC) list of ‘securities.’
Bakkt Delisted Around 30 Cryptocurrencies Since Apex Crypto Acquisition
Crypto exchange Bakkt said it is delisting SOL, MATIC, and ADA from its platform – three of the many cryptocurrencies that the SEC recently added to the list of crypto assets it considers securities in the wake of its legal actions against Coinbase and Binance. Bakkt’s general counsel and secretary Marc D’Annuzio said the move comes as the company takes proactive action “until there is further clarity on how to compliantly offer a more extensive list of coins,” according to a Fortune report.
Bakkt’s decision to delist the three popular altcoins follows the company’s recent $155 million acquisition of the trading infrastructure provider Apex Crypto – a deal that allowed Bakkt to expand the number of cryptocurrencies it offers to traders. But due to the growing regulatory crackdown on crypto, Bakkt decided to trim the list of assets that would come over from the Apex buyout, delisting several tokens during the process, such as the collapsed Terra and ZCash, among others.
After completing the deal, Bakkt halted support for two more crypto assets, ALGO and MANA, just a day after they were designated as securities by the SEC in its lawsuit against another crypto exchange, Bittrex. Furthermore, the New York-based digital asset platform removed 25 more tokens from the platform, citing “most up-to-date regulatory guidance” as the main reason.
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SOL, ADA, and MATIC Delisted From 3 Platforms in a Week
After filing two successive lawsuits against Binance and Coinbase, the SEC named dozens of coins as ‘securities,’ bringing the total number of digital assets carrying this status to nearly 70. However, SEC’s actions appear to mostly impact ADA, SOL, and MATIC, which before Bakkt, were also delisted by stock brokerages Robinhood and eToro.
However, it is important to note that the delisting of these tokens on Robinhood and eToro were decisions stemming from their initiative rather than being forced by the SEC. In the meantime, the securities regulator continues to crack down on crypto trading platforms, accusing them of listing unregistered securities.
Yet, most of these supposed unregistered securities are still available on crypto exchanges and stock brokerages, allowing unrestricted access to US investors.
Do you think the SEC is taking a double-standard approach when regulating stock brokerages and crypto exchanges? Let us know in the comments below.