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eToro’s Crypto Service Faces Major Cutback Following SEC Settlement—Details

eToro’s Crypto Service Faces Major Cutback Following SEC Settlement—Details

Samuel Edyme
by Samuel Edyme
11 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

eToro, a prominent online trading platform, has settled with the US Securities and Exchange Commission (SEC) and agreed to cease trading nearly all crypto assets for US customers, according to the latest release from the SEC.

The SEC charged eToro with operating as an unregistered broker and clearing agency for facilitating the trading of crypto assets deemed securities.

As part of the settlement, eToro has agreed to pay a $1.5 million penalty and will restrict its US trading services to a limited number of digital currencies.

Related Reading: Pro-Crypto Lawmakers Probe SEC Chair Gensler Over Alleged Political Bias

SEC Enforcement And eToro’s Response

The SEC’s investigation found that since 2020, eToro has allowed US customers to trade crypto assets on its platform without complying with federal securities laws.

The regulator determined that eToro’s services fell under the scope of broker-dealer and clearing agency regulations because certain crypto assets offered on the platform were considered securities.

In response, eToro has agreed to remove most digital currency assets from its platform and offer only limited options for US traders moving forward.

Notably, the SEC’s order comes as part of its broader effort to regulate the digital currency industry and ensure that trading platforms comply with existing laws governing securities.

Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, emphasized that eToro’s decision to remove tokens offered as investment contracts from its platform demonstrates a willingness to comply with the established regulatory framework. Grewal added:

This resolution not only enhances investor protection but also offers a pathway for other crypto intermediaries. The $1.5 million penalty reflects eToro’s agreement to cease violating applicable federal securities laws as it continues its U.S. operations.

Furthermore, as part of the settlement, eToro will allow its U.S. customers to sell their remaining crypto assets within 180 days. After this period, any crypto assets considered securities that have not been sold will be liquidated by eToro, and the proceeds will be returned to customers.

According to the release, eToro’s agreement to the cease-and-desist order and the imposed penalty was without either admitting or denying the SEC’s findings.

Future Of eToro And Crypto Asset Trading

In the future, eToro’s platform in the US will offer trading in only three major cryptocurrencies—Bitcoin, Bitcoin Cash, and Ethereum. This marks a significant shift in the platform’s offerings as it seeks to operate within the SEC’s guidelines.

The removal of other tokens could impact the company’s user base in the US, as eToro was previously known for providing access to a broad range of digital assets.

Related Reading: No Crypto Mention: Kamala Harris’ Winning Odds Increase 4% After Presidential Debate

The release revealed that the SEC’s investigation into eToro was conducted by the agency’s Crypto Assets and Cyber Unit. The case involved key officials and other SEC enforcement team members.

The global crypto market cap value on TradingView
The global digital currency market cap value on the 1-day chart. Source: TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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