Robinhood drops support for cryptocurrencies in response to SEC crackdown.

Robinhood will no longer support Solana, Polygon, and Cardano after June 27, 2023, due to the SEC's crackdown on cryptocurrency exchanges. Users can transfer these cryptocurrencies until the deadline, after which Robinhood will sell off the user's holdings. The move comes after Robinhood's Chief Legal Compliance Officer reviewed the SEC's lawsuits against Binance and Coinbase and stated that the firm may not have the capacity to trade what the SEC deemed unregistered securities, such as Solana, Polygon, and Cardano.