eToro, a prominent social investing platform, has announced its decision to delist Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC) for its U.S. customers, effective from July 12.
From 6:00AM ET on Wednesday July 12th, 2023, US customers will no longer be able to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH) and Polygon (MATIC). Customers can continue to hold and sell existing positions in these coins. (2/5)
— eToro US (@eToroUS) June 12, 2023
The move comes as a response to recent legal actions taken by the U.S. Securities and Exchange Commission (SEC), which has classified certain cryptocurrencies as securities. ALGO, MANA, DASH, and MATIC have been specifically labeled as securities by the regulator, leading to significant declines of 18.4%, 24%, 25%, and 22% respectively against the U.S. dollar. It’s worth noting that eToro’s delisting decision only applies to clients within the United States.
eToro’s decision to delist these cryptocurrencies stems from its commitment to comply with regulatory requirements and safeguard the interests of its U.S. customers. The SEC’s ongoing legal actions against prominent crypto exchanges, such as Coinbase and Binance, have prompted platforms like eToro to reassess their cryptocurrency offerings.
This development underscores the growing regulatory scrutiny within the cryptocurrency industry and highlights the importance for platforms to adapt and adhere to evolving compliance standards.
Despite the delisting, eToro remains dedicated to providing a wide range of digital assets for investment and trading, catering to the diverse needs of its global user base.
Compiled by Coinbold
