Transferring Your Assets: Robinhood’s Delisting of SOL, MATIC & ADA Explained
The crypto space has been buzzing with Newsflash, including the filing of the U.S. Securities and Exchange Commission (SEC) lawsuit against Binance and Coinbase. These lawsuits classified several major altcoins as unregistered securities.
In light of these events, Robinhood, one of the prominent financial platforms in the US, has made an announcement regarding the discontinuation of support for Cardano (ADA), Polygon (MATIC), and Solana (SOL). The decision comes as these three tokens were labeled as unregistered securities in the SEC lawsuit against Binance and Coinbase.
Robinhood has urged its users to sell or transfer their holdings in these three assets before June 27, 2023. Failure to do so would result in the tokens being held by the firm and credited to Robinhood’s buying power.
While the announcement didn’t explicitly state the connection, it is widely speculated that this move from Robinhood is a direct response to the recent SEC lawsuit against the two major crypto exchanges, Coinbase and Binance.
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How Will Your Investments Be Affected by This Change?
Until June 27, 2023, users have the freedom to buy, sell, and hold ADA, MATIC, and SOL tokens. However, if the deadline passes, the mentioned assets will be automatically sold at their market value and credited to the user’s Robinhood buying power.
It is mentioned by the firm that this delisting action only affects ADA, MATIC, and SOL. Other assets held on Robinhood will remain unaffected, and users can continue to trade them seamlessly.
Nevertheless, Robinhood has strongly advised ADA, MATIC, and SOL holders to either sell their assets or transfer them to another wallet or crypto platform. Failure to take action before the deadline will result in the firm automatically selling the assets.
However, it’s worth mentioning that the ability to withdraw these delisted assets may not be available in all states in the US.
How can you transfer your assets, particularly ADA, MATIC, and SOL?
Robinhood is renowned as a leading brokerage globally and has garnered immense popularity among individuals engaging in crypto asset trading.
In the past, Robinhood users encountered limitations when it came to sending or receiving cryptocurrencies through their Robinhood accounts. However, a recent development has brought about a significant change, granting users the capability to both send and receive crypto assets with their accounts.
To facilitate crypto transfers, users are required to undergo an identity verification process and incorporate two-factor authentication into their Robinhood accounts.
This ensures enhanced security and enables the seamless transfer of cryptocurrencies.
Step 1: To begin the process, access your Robinhood Crypto account and undergo the two-factor authentication verification.
Step 2: Proceed to the specific page for the cryptocurrency you wish to work with. Locate the ‘Send’ button and click on it. Enter the desired amount you want to send. It’s essential to ensure that the destination wallet supports the digital asset you are sending.
Step 3: Paste or manually input the receiving wallet address into the designated field. Afterward, select ‘Review’ to double-check the transaction details, and when satisfied, click ‘Submit.’
Step 4: At this stage, you will observe your transaction labeled as ‘Pending.’ Once the process reaches completion, you will receive a notification via email and/or push notification, informing you about the successful transaction.
Conclusion
While the actions taken by the U.S. Securities and Exchange Commission (SEC) are awaiting court confirmation, Robinhood has become the first exchange to delist three crypto assets from its platform.
It is advised for people who currently own ADA, MATIC, and SOL to move these tokens to different wallets that support their storage.
Following this announcement, the crypto market has experienced a significant downturn as numerous token holders have been withdrawing their assets from the exchange.
If you are interested in obtaining further details about Robinhood’s announcement, you can visit the official article provided to gather more comprehensive information.
Disclaimer: This article does not aim to provide financial advice.
