The stocks and crypto assets trading platform, eToro has
halted the purchase of four cryptocurrencies, which were recently labeled as unregistered securities by the
Securities and Exchange Commission (SEC), for users in the US, according to an announcement made yesterday (Monday).
Explore limitless, instant crypto swaps. Choose from 1000+ coins and tokens and exchange with no registration or sign-up. Experience a platform that prioritizes your data privacy and fund security.
eToro US said the
delisting of the tokens, Algorand (ALGO), Decentraland (MANA), Dash (DASH), and
Polygon (MATIC), is due to an ‘evolving regulatory landscape’. The
trading platform has, however, allowed users to continue to hold and sell their
cryptocurrencies.
“eToro has a
framework in place that reviews the crypto assets we offer in light of the
rapidly evolving regulatory landscape. Due to recent developments, we will be
making some changes to our crypto offering for US customers,” the company said.
Although eToro did not specify the developments that led to the decision, the delisted tokens
were recently mentioned in the lawsuits by the SEC against Binance
and Coinbase. In the charges, the regulator referred to the tokens as securities that must be registered.
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Additionally, other
cryptocurrencies identified as securities, include FIL, SAND,
AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.
“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),” eToro said in a tweet. “Customers can continue to
hold and sell existing positions in these coins.”
However, eToro said it remains a
supporter of crypto assets and believes in the importance of giving its users
access to a broad range of asset classes. Furthermore, the brokerage
expressed commitment to working with the regulators.
Robinhood Delists Major
Cryptocurrencies
Last Friday, Robinhood, another crypto trading platform
known for its commission-free trades, took
similar steps, delisting
Solana (SOL), Cardano (ADA), and Polygon (MATIC), following their mention as
securities by the SEC.
While eToro and Robinhood have delisted some of the cryptocurrencies listed on their platform to comply with the SEC, Coinbase
has vowed to continue with business as usual, blaming the agency for embracing an ‘enforcement-only approach’. The exchange filed a lawsuit against the commission in April.
The stocks and crypto assets trading platform, eToro has
halted the purchase of four cryptocurrencies, which were recently labeled as unregistered securities by the
Securities and Exchange Commission (SEC), for users in the US, according to an announcement made yesterday (Monday).
eToro US said the
delisting of the tokens, Algorand (ALGO), Decentraland (MANA), Dash (DASH), and
Polygon (MATIC), is due to an ‘evolving regulatory landscape’. The
trading platform has, however, allowed users to continue to hold and sell their
cryptocurrencies.
Explore limitless, instant crypto swaps. Choose from 1000+ coins and tokens and exchange with no registration or sign-up. Experience a platform that prioritizes your data privacy and fund security.
“eToro has a
framework in place that reviews the crypto assets we offer in light of the
rapidly evolving regulatory landscape. Due to recent developments, we will be
making some changes to our crypto offering for US customers,” the company said.
Although eToro did not specify the developments that led to the decision, the delisted tokens
were recently mentioned in the lawsuits by the SEC against Binance
and Coinbase. In the charges, the regulator referred to the tokens as securities that must be registered.
Keep Reading
Additionally, other
cryptocurrencies identified as securities, include FIL, SAND,
AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.
“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),” eToro said in a tweet. “Customers can continue to
hold and sell existing positions in these coins.”
However, eToro said it remains a
supporter of crypto assets and believes in the importance of giving its users
access to a broad range of asset classes. Furthermore, the brokerage
expressed commitment to working with the regulators.
Robinhood Delists Major
Cryptocurrencies
Last Friday, Robinhood, another crypto trading platform
known for its commission-free trades, took
similar steps, delisting
Solana (SOL), Cardano (ADA), and Polygon (MATIC), following their mention as
securities by the SEC.
While eToro and Robinhood have delisted some of the cryptocurrencies listed on their platform to comply with the SEC, Coinbase
has vowed to continue with business as usual, blaming the agency for embracing an ‘enforcement-only approach’. The exchange filed a lawsuit against the commission in April.
