New York-based digital asset platform Bakkt delisted Solana, Polygon and Cardano, citing a lack of regulatory clarity.
Bakkt general counsel and secretary Marc D’Annunzio In a statement to Fortune, the company said it will take proactive action until more clarity is provided on how to deliver a more comprehensive coin listing in a coherent manner. The platform made this decision after the SEC filed lawsuits against Binance and Coinbase.
Bakkt Takes a Compatibility-Priority Approach
First operator of the New York Stock Exchange Intercontinental ExchangeFounded by in 2018, the company has taken a compliance-first approach.
After oscillating between different business models, Bakkt is now focusing on a service that allows other fintech platforms like Webull and Publiccom to trade crypto. The company’s acquisition of Apex Crypto has allowed it to expand the cryptocurrencies it offers to its customers. Wary of regulators, the company began reducing the list of assets to come from Apex. Bakkt’s due diligence process for Apex Crypto’s terraAnd zCashIt prompted him to delist seven entities, including .
The digital asset platform, previously BittrexWhat are referred to as securities in the SEC lawsuit against ALGOAnd MEANINGHe had also delisted.
This decision by Bakkt reflects the increasingly challenging crypto environment in the United States, as companies try to move forward in the regulatory environment shaped by the SEC. Bakkt currently offers eight other cryptocurrencies, including Bitcoin and Ethereum, as well as Dogecoin, Litecoin, USDC and Shiba Inu.
