Robinhood re-lists SOL at $216 one year after forcing users to sell for $16

Trading platform Robinhood has re-listed Solana (SOL) at over $216 a year after it removed the crypto and sold any remaining coins for just $16.

Multiple users on X (formerly Twitter) slated today’s re-listing, which came as Cardano (ADA), PEPE, and XRP were also added to the platform.

“Will never forgive Robinhood for de-listing SOL at $16,” one user said, while crypto sleuth ZachXBT claimed that Robinhood forced its users to sell their coins, causing “massive losses.”

He asked, “What changes will Robinhood be making to regain trust so users are not forced to exit positions again in the future?”

Read more: How Jump helped US Robinhood users trade offshore at FTX

Robinhood de-listed SOL, ADA and MATIC

On June 7 last year, Robinhood warned it would de-list SOL, ADA, and Polygon (MATIC) from its exchange by June 27. Users were allowed to buy, sell, hold, and transfer any of these three cryptocurrencies up until the deadline.

After this, “any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value and the proceeds will be credited to your Robinhood buying power.” It’s worth noting that users living in New York weren’t allowed to transfer their SOL.

ADA was worth roughly $0.28 at the time while SOL was worth just over $16. Today, ADA is worth almost $0.6 (a 114% increase) and SOL is worth over $216 (a 1,250% increase).

Read more: CHART: It’s been 262 days since Solana’s last major outage

At the time, Robinhood claimed it had reviewed its crypto offering before the de-listing. Reports noted that these tokens were identified as securities in a Securities and Exchange Commission lawsuit accusing Binance and Coinbase of offering unregistered securities.

Source