No MATIC, DASH, MANA, ALGO for U.S. crypto users on eToro

No MATIC, DASH, MANA, ALGO for U.S. crypto users on eToro
The popular retail trading platform, eToro, has decided to suspend the buying of certain cryptocurrencies, including Algorand, Decentraland, Polygon, and Dash, for its customers based in the United States. This move comes as a direct response to these tokens being classified as securities in ongoing lawsuits brought by the U.S. Securities and Exchange Commission (SEC).

Following in the footsteps of rival Robinhood, another significant development has taken place in the cryptocurrency trading sphere. It has been revealed that eToro, a prominent player in the retail trading market, has recently made the decision to suspend its support for Polygon (MATIC), Cardano (ADA), and Solana (SOL).

These three cryptocurrencies have faced similar scrutiny from the United States Securities and Exchange Commission (SEC) and have been categorized as securities. Notably, eToro's move closely follows Robinhood's recent decision to halt their support for these particular tokens as well.

In a series of tweets on June 12, eToro US announced that it had conducted a thorough evaluation of its cryptocurrency listings. The review was prompted by the ever-changing regulatory environment and recent developments involving the Securities and Exchange Commission (SEC). The platform acknowledged the need to adapt to the evolving landscape and ensure compliance with the regulatory framework.

Taking a cautious approach, the firm has made a decision to prioritize prudence. This comes in response to recent lawsuits by the Securities and Exchange Commission (SEC) against prominent exchanges such as Binance and Coinbase. 

In these legal actions, the SEC has asserted that several significant assets, including ADA, SOL, MATIC, MANA, ALGO, and others, should be classified as securities. In light of these developments, eToro has chosen to exercise caution and adjust its strategy accordingly.

Some members of the community have raised concerns regarding eToro US's lack of mention regarding SOL, considering it was also identified as a security in the recent lawsuits. In response to these queries, an eToro spokesperson has provided clarification, stating that SOL is not included among the offerings available on eToro US. This explanation aims to address any confusion and reinforce the fact that SOL is not within the platform's available assets for trading.


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Disclaimer:
This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.