eToro halts most cryptocurrency trading for U.S. customers, only Bitcoin, Bitcoin Cash, and Ethereum remain

From Nasdaq
September 12, 2024 11:21 AM:

eToro has agreed to halt most cryptocurrency trading for U.S. customers following a $1.5 million settlement with the SEC. Only Bitcoin, Bitcoin Cash, and Ethereum will remain available for trading on the platform. This move aims to align eToro with SEC regulations and avoid further legal issues faced by other crypto companies like Coinbase and Binance.

The SEC alleged that eToro allowed U.S. customers to trade securities without proper registration. Gurbir Grewal, the SEC’s enforcement director, praised eToro for choosing to comply with regulations, emphasizing the importance of investor protection. This decision sets a precedent for other crypto companies to follow suit and operate within regulatory frameworks to enhance investor trust.

eToro’s CEO, Yoni Assia, emphasized the importance of compliance and collaboration with regulators. The company is focusing on offering innovative products while avoiding legal battles. U.S. customers have 180 days to sell off other tokens before they are no longer available for trading on the platform. eToro is considering options like an IPO in New York or London amidst evolving regulatory challenges.

Read more at Nasdaq, Inc.: eToro Pulls the Plug on Most Crypto Offerings for U.S. Users