NEW YORK – In a recent report, trading platform Robinhood (HOOD) announced a significant decline in cryptocurrency trading volume for the month of May. While the volume for equities and options remained high, trading volume for cryptocurrencies dropped to $2.1 billion, marking a 43% decrease from the previous month. On a yearly basis, crypto trading volume slowed by a staggering 68%. These numbers reflect a challenging period for Robinhood's crypto business.

One contributing factor to the decline in crypto trading volume on Robinhood is the delisting of three tokens from its platform. The company removed Cardano's ADA, Polygon's MATIC, and Solana's SOL in its regular review. This move was due to their classification as securities by the U.S. Securities and Exchange Commission (SEC). The regulatory scrutiny faced by cryptocurrency exchanges like Coinbase and Binance in recent lawsuits may have influenced Robinhood's decision to delist these tokens.

In contrast to the decline in crypto trading volume, Robinhood's equities and options trading remained robust. However, the overall daily average trading revenue (DART) for crypto trading was down 22% in May, with a significant 53% year-over-year decline. These figures indicate a growing disparity between the performance of traditional financial assets and cryptocurrencies on the Robinhood platform.