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 told Fortune that the company will take proactive action until there is more clarity on how to deliver a more comprehensive coin listing in a coherent way. The platform made this decision after the SEC filed lawsuits against Binance and Coinbase.
Bakkt Takes a Compatibility-Priority Approach
Originally founded in 2018 by Intercontinental Exchange, operator of the New York Stock Exchange, the company took 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. During its due diligence, Bakkt had Apex Crypto delist seven assets, including Terra and zCash.
The digital asset platform had also previously delisted ALGO and MANA, which are called securities, in the SEC lawsuit against Bittrex.
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.
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