EToro USA to stop offering trading in most crypto following SEC settlement

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The SEC charged eToro with operating an unregistered broker and clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities.

The firm has now agreed to that the only crypto assets that US customers can trade on the company’s platform will be Bitcoin, Bitcoin Cash, and Ether. Customers will be able to sell all other crypto assets for only 180 days after the issuance of the SEC’s order.

Gurbir Grewal, director, division of enforcement, SEC, says: “By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework.

“This resolution not only enhances investor protection, but also offers a pathway for other crypto intermediaries.”