Robinhood will end support for 3 tokens named in SEC lawsuits

The company cited SEC actions against Coinbase and Binance as reasons for the delisting, saying the suits "introduced a cloud of 'uncertainty' around tokens.

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Cryptocurrency and stock trading app Robinhood has announced that it will end support for Cardano, Polygon and Solana - all tokens labeled as unregistered securities by the Securities and Exchange United States Commission (SEC) in its recent lawsuits against crypto exchanges Binance and Coinbase.

In a June 9 update, Robinhood announced that it would be ending support for all three tokens starting June 27 after a review. In a Twitter thread, the company specifically cited SEC actions as reasons for the delisting, saying lawsuits against Coinbase and Binance "introduced a cloud of uncertainty" around the tokens — the only three in cases backed by Robinhood.

“We believe in the future of crypto and will continue to advocate for regulatory clarity in the United States so customers can participate in the market with greater confidence,” Robinhood said.

Earlier this week, the SEC sued crypto firms Binance and Coinbase. The SEC has alleged that a number of cryptocurrencies traded on these platforms are unregistered securities, including three that are currently supported on Robinhood Crypto. (1/4)

— Robinhood (@RobinhoodApp) June 9, 2023

On June 5, the SEC filed a lawsuit against...