eToro to Limit Crypto Offerings in US to Bitcoin, Ethereum, and Bitcoin Cash Following SEC Settlement
Financial trading platform eToro has reached a settlement with the U.S. Securities and Exchange Commission (SEC), as announced by the regulatory body on Thursday. As part of the agreement, eToro has agreed to pay a penalty and limit the range of crypto assets available for trading in the United States to only three options – Bitcoin, Ethereum, and Bitcoin Cash.
The SEC revealed that the charges against eToro were related to its operation as an unregistered broker and clearing agency in connection with its platform facilitating the trading of certain crypto assets as securities. Going forward, eToro will provide U.S. customers with a 180-day window to sell any other crypto assets before restricting trading access to only the specified three cryptocurrencies. The platform will also pay a penalty of $1.5 million in connection with the settled charges.
This development marks a significant shift in eToro’s operations within the U.S. market, limiting the choices available to American customers and ensuring compliance with regulatory requirements. It underscores the increasing scrutiny and regulatory oversight faced by companies operating in the cryptocurrency space, emphasizing the need for adherence to legal frameworks and compliance measures.
As this story unfolds, further details may emerge regarding the implications of this settlement for both eToro and the broader cryptocurrency trading landscape. Stay tuned for updates on this evolving situation.
