New York-based digital assets platformBakkt has decided to removethree major cryptocurrenciesSolana SOL/USD , Polygon MATIC/USD , and Cardano ADA/USD from its listings.
This move comes not long after Bakkt acquired Apex Crypto, a trading infrastructure provider, for $155 million.
Bakkt's General Counsel and Secretary, Marc DAnnunzio, told Fortune that the company has opted for a preemptive approach and will wait for further clarity on how to compliantly offer a more extensive list of coins.
This step by Bakkt is closely related to the lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against prominent crypto exchanges Binance BNB/USD and Coinbase Global IncCOIN .
The SEC accused these platforms of providing customers with unregistered securities, marking the first instance in which it categorized Solanas SOL, Polygons MATIC, and Cardanos ADA as securities.
Initially, Bakkt provided just Bitcoin BTC/USD and Ethereum ETH/USD services, but the acquisition of Apex Crypto permitted an expansion in cryptocurrency options for its clientele.
However, keeping regulatory apprehensions in mind, Bakkt started to scale back on the number of tokens acquired from Apex.
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During the vetting process, Bakkt instructed Apex Crypto to remove seven tokens from its list, which included the unsuccessful Terra and ZCash, a privacy coin.
Post the completion of the acquisition in early April, Bakkt removedAlgorand ALGO/USD and DecentralandMANA/USD the day after they were designated as securities in an SEC lawsuit targeting Bittrex.
In May, Bakkt proceeded to remove 25 out of the remaining 36 tokens, with a representative attributing this to the companys regulatory coin listing review process and adherence to the most up-to-date regulatory guidance.
Bakkt continues to list eight cryptocurrencies including Dogecoin DOGE/USD , Litecoin LITE/USD , USD Coin USDC/USD , Shiba Inu SHIB/USD , Bitcoin, and Ether.
Bakkts CEO, Gavin Michael, expressed his concerns, saying, Its fine to tell me where I cant stand, adding, But you have to tell me how to operate.
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