After Robinhood and eToro, Bakkt has removed support for many popular crypto
U.S. Securities and Exchange Commission-designated tokens SOL, MATIC, and ADA were purportedly stopped from trade on Bakkt.
Bakkt, a derivatives exchange located in New York, is removing support for three prominent alternative cryptocurrencies in light of recent regulatory changes in the United States. Trading in Solana has been halted, as reported by Fortune.
The judgement comes after the U.S. Securities and Exchange Commission filed cases against Binance and Coinbase last week. The regulator classified more than 20 cryptocurrencies as securities in response to the accusations, including SOL, MATIC, and ADA. The number of digital currencies classified as “security” by the U.S. authorities is presently at about 68.
Other trading platforms have delisted token pairings in recent days due to regulatory uncertainty brought on by the SEC’s enforcement activities. Just days after its rival Robinhood discontinued support for SOL, MATIC, and ADA, eToro ceased purchases of Algorand for U.S. consumers.
Delisting alternative cryptocurrencies has many significant effects on the cryptocurrency market, including reducing the availability of funds for tokens that are already struggling. According to statistics compiled by CoinMarketCap, MATIC, ADA, and SOL together saw a loss of approximately $10 billion in market value.
The market value of SOL fell from $8.78 billion on June 4 to $5.85 billion as of this writing, while those of ADA and MATIC fell from $13.31 billion and $9 billion, and MATIC’s value fell from $8.37 billion to $5.32 billion.
In April, Bakkt paid $55 million (in cash and shares) to acquire the blockchain technology platform Apex Crypto. Following the purchase, Bakkt also pushed for a change in how token pairings are traded on the platform, removing 25 of the 36 cryptocurrencies previously available for trading.