On June 12, 2023, eToro US announced significant changes to its cryptocurrency offering for US customers in response to the rapidly evolving regulatory landscape.
eToro, a social trading and multi-asset brokerage company, is renowned for its platform that enables users to observe, copy, and execute their own trades. With a diverse global user base, eToro offers trading in a variety of assets, including stocks, commodities, forex, and cryptocurrencies.
According to the Twitter thread, starting from 6:00 AM ET on Wednesday, July 12th, 2023, US customers will no longer be able to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC). However, customers can continue to hold and sell existing positions in these coins.
The company also expressed its dedication to working closely with regulators worldwide to shape the future of the crypto industry and champion access for the ordinary investor.
In response to a user query about the potential relisting of XRP, eToro stated that they are closely monitoring the regulatory environment and will keep users informed of any changes.
This announcement by eToro comes in the wake of the U.S. SEC launching lawsuits last week against both Binance and Coinbase. The SEC alleges that both exchanges were engaged in illegally offering unregistered securities such as Cardano (ADA), Polygon (MATIC), and Solana (SOL).
On June 9, 2023, Robinhood, another popular trading platform, announced that it had “decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET.”
Billionaire investor and Shark Tank star Mark Cuban has voiced concerns over the perceived lack of clarity in the U.S. Securities and Exchange Commission’s (SEC) regulations for cryptocurrency firms. Cuban’s critique, shared via Twitter on June 11, 2023, centers on the absence of a clear registration process for crypto firms in the SEC’s “Framework for ‘Investment Contract’ Analysis of Digital Assets” document.
