eToro ending US customers’ access to four cryptocurrencies

Stock and crypto trading platform eToro said in a June 12 email shared with CryptoSlate that it would limit access to certain crypto positions for users in the U.S.

In its message, eToro said that users based in the U.S. would not be able to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC) after 6:00 a.m. ET on July 12, 2023.

It said that U.S. customers would be able to hold and sell positions in those assets they had already opened. It added that non-U.S. customers would not be affected by the change.

The company cited regulations as the reason for its decision, noting that it has acted due to “recent developments” in a “rapidly evolving regulatory landscape.”

Though eToro did not state which regulatory developments are of concern, all four affected cryptos were named in lawsuits that the U.S. Securities and Exchange Commission (SEC) filed against Coinbase and Binance beginning on June 5.

Several other cryptos were also named in those cases but were not named in eToro’s announcement or were not supported by eToro to begin with.

Generally, eToro is considered a trading platform. It allows users to close open crypto positions and withdraw their balance in cash or cryptocurrency, whereas most standard cryptocurrency exchanges offer direct trading of cryptocurrencies.

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