Crypto

eToro announces removal of several cryptocurrencies following SEC ruling

The investment platform is going to delist the tokens, but open positions are safe

eToro, the Israel-based investment platform, is going to delist several cryptocurrency tokens. In a tweet this week, it announced that its cryptocurrency offering for US customers will undergo adjustments, with four tokens to be removed as of yesterday, June 12.

The tokens are Algorand, Polygon, Mana and Dash. eToro’s non-US clients will remain unaffected, while the new changes have no impact on the company’s US clients’ ability to hold and sell their open positions in the tokens.

eToro refrained from commenting on a specific reason for the decision; however, there’s already evidence to indicate why. The Securities and Exchange Commission (SEC) has launched a lawsuit against Coinbase and Binance for operating without a securities license, and specified these tokens, as well as Cardano, as being securities. eToro only said the decision was based on “recent developments.” Both Coinbase and Binance have denied the allegations and are trying to fight the decision.

This move from eToro comes just after Robinhood’s similar announcement. However, its message included Polygon, Solana and Cardano. eToro and Robinhood have set an example for other companies to follow, as the SEC’s new enforcement plan on cryptocurrency poses a significant risk to businesses.

For now, Bitcoin is safe and others, such as Ripple’s XRP, are in the process of being defined. The SEC has recently launched a massive crackdown on the crypto space, which is causing it and traders major headaches. Robinhood has lost 70% of its annual trading volume partly as a result, and eToro could face a significant drop, as well.

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