Trading platform eToro announced changes to its crypto offering for customers in the United States on Monday. The decision is part of eToro's ongoing review framework, which evaluates the crypto assets it provides in light of the rapidly evolving regulatory landscape.
eToro cites “recent developments” for the move, referring to the legal action taken by the U.S. Securities and Exchange Commission (SEC) against crypto exchanges Coinbase and Binance last week.
From 6 am ET on July 12, eToro's U.S. customers will no longer have the ability to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC). However, it is important to note that existing positions in these coins can still be held and sold by customers.
Collaborating with regulators
In the respective suits, the SEC alleged that all four of these cryptocurrencies, alongside others such as Solana (SOL), Cardano (ADA) and Cosmos (ATOM), are securities. Despite this, eToro underlined its support for crypto assets alongside its stocks, ETFs and options offerings. It added that it was “committed to working closely with regulators around the world to shape the future of the crypto industry and champion access for the ordinary investor.”
eToro’s delistings follow a similar announcement from Robinhood last week, with the fintech app ending support for Solana (SOL), Polygon (MATIC) and Cardano (ADA) from June 27.
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