eToro To Offer BTC, ETH, BCH Crypto Trading Services To US Users Amid SEC Settlement
Highlights
- eToro announced a settlement with the US SEC following previous charges.
- The company will pay $1.5 million and continue US operations.
- However, US customers will be limited to Bitcoin, Bitcoin Cash, and Ether.
The United States Securities and Exchange Commission (SEC) has announced a settlement with trading platform eToro. The company was in the middle of a regulatory dispute with the SEC over allegations of operating as an unregistered broker and clearing agency with its crypto trading platform. United States regulators continue to clamp down on crypto firms, a move described by many as stifling innovation.
eToro To Limit US Users To BTC, BCH & ETH
The SEC and the trading platform have reached an agreement following charges of offering unregistered trading services to crypto assets. In a Sept 12 release, the securities regulator disclosed that eToro will pay $1.5 million to settle charges and will cease violating applicable federal securities laws.
SEC’s Division of Enforcement Director Gubir Grewal, explained that the firm will continue its United States operations while maintaining relevant laws. “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.”
As part of the settlement, the company will cease trading services to nearly all crypto assets. Per the release, it announced that United States customers will only trade Bitcoin, Ether, and Bitcoin Cash. However, users will be able to sell other assets for 180 days after the Commission’s order. Recently, the SEC revoked the license of crypto lender Salt Blockchain over failure to comply with legal report requirements.
Optimism For Clear Regulation Grows
Amid the settlement, eToro disclosed plans for its future stressing the need to create clear regulatory frameworks. Yoni Assia, the company’s CEO noted that while there are clear rules in the UK and Europe, the market expected a similar approach in the United States to enable trading around crypto assets.
“This settlement allows us to move forward and focus on providing innovative and relevant products across our diversified US business. US users can continue to trade and invest in stocks, ETFs, options, and the three of the largest cryptoassets,” the company wrote. Many have pointed to the upcoming US elections to usher in the needed clarity as Donald Trump appeals to crypto voters.
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