Cryptocurrency platform Bakkt has made the decision to delist Solana (SOL), Cardano (ADA), and Polygon (MATIC) following recent legal actions taken by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase, which classified these three cryptocurrencies as securities.
The company is taking proactive measures “until there is further clarity on how to properly offer a broader coin listing,” said Bakkt’s Chief Legal Officer, Mark D’Annunzio, in an interview with Fortune.
Launched in 2018 by the operator of the New York Stock Exchange, Intercontinental Exchange, Bakkt previously offered its clients access to Bitcoin, Ethereum, and related futures products.
Earlier this year, Bakkt acquired Apex Crypto, a trading infrastructure provider, expanding the range of cryptocurrencies available to its clients. However, due to regulatory actions, Bakkt has started to reduce the list of tokens available through Apex.
As a result of the acquisition of Apex Crypto, Bakkt now has approximately 5.8 million cryptocurrency accounts, according to the company’s report as of May 11th.
In early April, Bakkt conducted the delisting of Algorand (ALGO) and Decentraland (MANA) after they were classified as securities in the SEC lawsuit against Bittrex. Currently, Bakkt offers eight cryptocurrencies, including BTC, ETH, Dogecoin (DOGE), Litecoin (LTC), USD Coin (USDC), and Shiba Inu (SHIB).
On June 9th, brokerage platform Robinhood also announced the delisting of Solana (SOL), Cardano (ADA), and Polygon (MATIC).
All three cryptocurrencies are among the top 20 by market capitalization. According to CoinGecko data, Cardano ranks 8th with a market capitalization of $9 billion, Solana is in 11th place with a capitalization of $5.8 billion, and Polygon is in 14th place with a market value of $5.3 billion.
Over the past week, the price of SOL has decreased by 23.6%, ADA has fallen by 19.7%, and MATIC has decreased by 26.8%.
SOL/USD
ADA/USD
MATIC/USD
