CandleFocus

eToro Limits U.S. Crypto Offerings to BTC, ETH, and BCH After $1.5M SEC Settlement

Author: Content Editor
Crypto trading platform eToro has reached a settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to significantly reduce its crypto offerings for U.S. customers. Under the agreement, eToro will only offer trading in Bitcoin, Ethereum, and Bitcoin Cash. The settlement comes after the SEC accused eToro of operating as an unregistered broker and clearing agency. As part of the settlement, eToro will pay a $1.5 million penalty. The company's co-founder and CEO, Yoni Assia, emphasized the company's commitment to regulatory compliance. eToro will offboard all other crypto assets within the next 187 days, and U.S. users will have 180 days to sell or liquidate their holdings. The settlement reflects the SEC's broader campaign to regulate the crypto space, with the SEC viewing most cryptocurrencies beyond Bitcoin, Ethereum, and Bitcoin Cash as securities. eToro's settlement may prompt other crypto platforms, such as Coinbase, Binance, and Kraken, to reconsider their U.S. operations and contest the SEC's stance on cryptocurrencies as securities.

Related News