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Shiba Inu (SHIB), Dogecoin (DOGE) Exempted as Bakkt Delists Tokens

Fri, 06/16/2023 - 15:35
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Tomiwabold Olajide
Bakkt will be delisting some tokens
Shiba Inu (SHIB), Dogecoin (DOGE) Exempted as Bakkt Delists Tokens
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New York-based digital asset platform Bakkt has announced the delisting of some crypto assets. It will delist three major cryptocurrencies: Solana, Polygon and Cardano.

Interestingly, dog-themed cryptocurrencies Shiba Inu (SHIB) and Dogecoin (DOGE) were exempted from the delisting move.

As the reason for the removal of ADA, MATIC and SOL, the company said in a statement to Fortune that it was taking proactive steps until there is further clarity on how to compliantly offer a more extensive list of coins.

The decision was made a week after the U.S. Securities and Exchange Commission (SEC) launched charges against the two largest cryptocurrency exchanges, Binance and Coinbase, alleging both were providing customers with unregistered securities.

For the first time, the SEC claimed that Solana's SOL, Polygon's MATIC and Cardano's ADA are securities.

Bakkt Bitcoin Futures Set New Record for Second Consecutive Day

Having previously delisted seven tokens, including the imploded Terra Luna and the privacy coin ZCash, Bakkt delisted Algorand and Decentraland in April after acquiring Apex Crypto.

Afterward, Bakkt delisted 25 of its remaining 36 tokens in May, attributing this action to its "regulator coin listing review process."

The eight cryptocurrencies that Bakkt presently supports are BTC, ETH, LTC, SHIB, Dogecoin and USDC.

In the past week, stock brokerage app Robinhood announced the delisting of major cryptocurrencies Cardano, Polygon and Solana on its platform. It stated it would be ending support for the aforementioned cryptocurrencies on June 27.

Shiba Inu and Dogecoin, which are listed on the platform, are not impacted by this change. Robinhood stated that all other cryptocurrencies on the platform are not affected except for ADA, MATIC and SOL.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.