[NEWS] eToro follows Robinhood in restricting trading of multiple crypto assets for US users

Financial trading platform eToro announced on the 12th that it will restrict trading of four crypto assets (virtual currencies), Polygon (MATIC), Algorand (ALGO), Decentraland (MANA), and Dash (DASH), for US users.

This measure was taken in response to the US Securities and Exchange Commission (SEC) filing a lawsuit against cryptocurrency exchanges Binance and Coinbase. In its complaint, the SEC considered these and other crypto assets to be securities.

According to eTro, new positions in these crypto assets will no longer be possible from 6 a.m. local time on July 12. Existing positions can be held or sold. This gives US users a one-month grace period.

eToro said on Twitter that it has "established a framework to review the crypto assets we offer in light of the rapidly evolving regulatory landscape," and that it has decided to make changes to its services in light of current developments in the US.

eToro also stated that "we remain supporters of crypto assets," and that it is positive about crypto asset trading and believes it is important to provide users with access to a variety of asset classes, including stocks, ETFs, and options.

Currently, with the SEC tightening its grip on crypto assets, activity is hectic in various places. On the 9th, stock trading app Robinhood also announced a review of the crypto assets it offers, just like eToro. Robinhood will delist Cardano (ADA), Solana (SOL), and Polygon.

In addition to the above, crypto assets that the SEC currently considers to be securities include Binance USD (BUSD), Chiliz (CHZ), Filecoin (FIL), Flow (FLOW), and Algorand (ALGO).

Crypto asset exchanges that provide services to U.S. users are expected to continue to reduce the number of supported stocks and take various other measures.

Reference:Announcement
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