Bakkt, NYSE-Backed Crypto Marketplace, Delists Cardano, Solana, and Polygon

According to recent reports, Bakkt, the renowned crypto marketplace backed by the New York Stock Exchange (NYSE) operator Intercontinental Exchange (ICE), has taken the decision to delist Cardano (ADA), Solana (SOL), and Polygon (MATIC), which are prominent contenders to Ethereum (ETH). This move follows the U.S. Securities and Exchange Commission’s (SEC) categorization of these three tokens as “crypto asset securities” in their lawsuits targeting Binance and Coinbase.

In light of the current regulatory landscape, Bakkt has opted to withdraw its support for these tokens until there is further clarity from regulators. A recent article published by Fortune Crypto sheds light on Bakkt’s reasoning behind this decision.

Bakkt’s choice aligns with the actions of other major players in the industry. Just last week, Robinhood, a leading retail trading platform, also halted trading services for Cardano, Solana, and Polygon.

Furthermore, the popular social trading platform eToro recently suspended purchases of MATIC, along with other notable assets such as Algorand (ALGO), Decentraland (MANA), and Dash (DASH).

As of now, ADA is trading around $0.263, experiencing a decline of nearly 30% since June 5th when the SEC announced its lawsuit against Binance. SOL, currently valued at $15.37, has seen a drop of over 28% within the same timeframe. Similarly, MATIC is currently trading at approximately $0.593, facing a decline of more than 33% since June 5th.

These developments highlight the impact of regulatory actions on the crypto market, with market participants closely monitoring the outcome and awaiting further regulatory clarity.

Read Also: Binance Faces French Probe over 'Aggravated' Money Laundering

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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