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Highlights
- U.S. SEC suspends trading of all assets except three coins on eToro.
- The regulatory body cites that the platform violated federal securities laws.
- Director of the SEC’s Division of Enforcement shares insights on the development.
- A close look at the 3 coins that are currently available for trading on the platform.
In a riveting turn of events, the United States Securities and Exchange Commission (SEC) has recently stopped crypto trading on the American arm of Israel-based multi-asset company eToro. However, the crypto platform currently allows trading of three cryptocurrencies following the recent crackdown. Meanwhile, as the regulatory body continues its crackdown on digital assets, this move sparked severe concerns among U.S. crypto investors.
Here’s Why the SEC Shuttered All Crypto Trading On eToro Except 3 Coins
According to an official SEC press release, “eToro USA LLC has agreed to pay $1.5 million to settle charges that it operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities.” In light of the recent provision, the American arm of the Israel-based multi-asset company has ceased crypto trading for all assets except three renowned coins in the States.
Meanwhile, the SEC’s order cites that the crypto trading platform violated federal securities laws and operated as a broker and clearing agency since 2020. Subsequently, eToro publicly announced it will halt trading of all crypto assets except three coins.
The three coins currently available for trading on the platform are Bitcoin, Bitcoin Cash, and Ethereum. The trading platform clarified that it would offer users 180 days to sell all other assets on the platform from the date of the SEC’s order issuance.
Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, stated, “By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework. This resolution not only enhances investor protection, but also offers a pathway for other crypto intermediaries.”
Meanwhile, in another legal showdown, the U.S. SEC vs Binance case saw new developments. The regulatory body filed a motion for leave to amend the original complaint regarding the use of “crypto asset securities,” sparking discussions across the crypto community.
Bitcoin, Bitcoin Cash and Ethereum Coins Performance
At press time, BTC price illustrated a highly turbulent movement, up marginally by 0.04% to $58,143. The coin’s 24-hour low and high were $57,354.41 and $58,534.36, respectively. BTC’s 24-hour trading volume noted a 19.60% decline to $29,911,624,056 today.
Simultaneously, Ethereum price slipped 0.44% amid the recent backlash, with the price currently trading at $2,349. The intraday low and high are $2,316 and $2,372, respectively. The coin’s intraday trading volume dipped 30.14% over the last day.
Bitcoin Cash (BCH) price dropped nearly 2% in the past 24 hours and is currently trading at $329. The coin’s intraday low and peak were $327.96 and $335.88, respectively. BCH’s 24-hour trading volume plunged 27.30% to $154,523,166 today.
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