Bakkt Delists Tokens, Except Shiba Inu and Dogecoin (SHIB, DOGE)
Digital asset platform Bakkt has announced the delisting of three major cryptocurrencies – Solana, Polygon, and Cardano. Bakkt cited unclear supervision as the reason for the removal of these tokens. This decision comes shortly after the US Securities and Exchange Commission (SEC) charged Binance and Coinbase with providing customers with unregistered securities. It is notable that Bakkt has exempted Shiba Inu (SHIB) and Dogecoin (DOGE) from the delisting move.
Previously, Bakkt delisted seven tokens, including Terra Luna and ZCash, and delisted Algorand and Decentraland in April after acquiring Apex Crypto. In May, it delisted 25 of its remaining 36 tokens, stating that this was part of its “regulator coin listing review process.”
In a similar move, Robinhood, the stock brokerage app, announced that it would be delisting Cardano, Polygon, and Solana from its platform. The delisting will take effect on June 27. However, Shiba Inu and Dogecoin will not be impacted by this change. Robinhood clarified that all other cryptocurrencies on its platform, except ADA, MATIC, and SOL, will remain unaffected.
The delisting of these cryptocurrencies by both Bakkt and Robinhood can be seen as a response to increased regulatory scrutiny in the crypto industry. The SEC’s recent charges against Binance and Coinbase highlight the need for clearer regulations and compliance in the crypto market. By delisting certain tokens, these platforms are taking proactive steps to ensure compliance and mitigate regulatory risks.
Despite the delistings, Bakkt continues to support eight cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Shiba Inu, Dogecoin, and USDC. It remains to be seen how the delistings will affect the value and trading activity of these tokens. However, it is clear that regulatory concerns are playing a significant role in shaping the digital asset landscape.