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Robinhood Markets Ends Support For Crypto Named In SEC Lawsuits

Robinhood Markets, (HOOD), the online trading platform that is popular with retail investors, said it is ending support for the cryptocurrencies singled out by the U.S. Securities and Exchange Commission (SEC) in its recent lawsuits against Binance and Coinbase (COIN).

Specifically, Robinhood said investors will no longer be able to buy and sell cryptocurrencies Cardano (ADA), Polygon (MATIC) and Solana (SOL) on its platform or app as of June 27.

“No other coins are affected and your crypto is still safe on Robinhood,” the company said in a blog post.

Users can still trade and transfer the three impacted cryptocurrencies on Robinhood’s platform and app until the June 27 deadline.

The company said, however, that any Cardano, Polygon or Solana left in a user’s account after June 27 will be automatically sold for market value.

The move comes after the SEC named the three cryptocurrencies as “unregulated securities” in separate lawsuits filed against crypto exchanges Binance and Coinbase.

Following the upcoming delisting, Robinhood will still offer trading in 15 different cryptos, including Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE), among others.

The backers of both Cardano and Solana have rejected claims that the cryptocurrencies are a security like a stock.

News of the SEC lawsuits against Binance and Coinbase have pushed cryptocurrency prices lower, with Bitcoin now trading right around $26,000 U.S. Bitcoin’s price had been above $30,000 U.S. in April of this year.

Robinhood’s stock has increased 30% in the last 12 months to trade at $9.41 U.S. per share.