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  • Writer's pictureJamal Saafir

Another Blow To Altcoins Due To SEC

Updated: Jun 25, 2023

Investment entity eToro has become another investment/trading platform that will no longer offer support for the investment/trading of specific cryptos deemed to be securities by the United States Securities and Exchange Commission recently.

In a June 12th, 2023 Twitter post from eToro, they stated, “eToro has a framework in place which reviews the cryptoassets we offer in light of the rapidly evolving regulatory landscape. Due to recent developments, we will be making some changes to our crypto offering for US customers.”

“We are committed to working closely with regulators around the world to shape the future of the crypto industry and champion access for the ordinary investor.”

The cryptos being restricted for access will no longer be available for customers to open new positions on the platform as of 6am Eastern Standard Time on July 12th, 2023.

The tokens mentioned are:

Decentraland (MANA)

Algorand (ALGO)

Polygon (MATIC)

Dash (DASH)

Customers with open positions in these particular cryptocurrencies will still have the ability to hold and sell their current positions in the tokens. In the same Twitter post, eToro also made mention that these changes only apply to U.S. customers.

A concerned Twitter user replied to eToro’s “restriction post” by asking if all cryptos mentioned to be securities by the SEC would be delisted and expressed their belief that Bitcoin would be the only remaining crypto on the platform by year’s end. eToro responded to the user by stating, “While we can't predict the future, there are still many assets available to invest in with eToro and we always hope to offer a diverse range to our community.”

It seems that eToro’s post is not actually about an outright delisting, but restrictions being placed on United States investors due to regulatory uncertainty. Maybe the public’s questions and concerns aren’t suited for the exchanges responding to regulators, but more so for the regulators offsetting the response.

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