eToro halts ALGO, MANA, MATIC and DASH purchases for US clients

In a June 12 Twitter thread, eToro US noted that it had reviewed its crypto listings ”in light of the rapidly evolving regulatory landscape” and “recent developments” with the SEC.

The assets were officially delisted as of 6:00 am Eastern Time on July 12; however, eToro US users will still be able to hold and sell these assets.

“We remain a supporter of crypto assets and believe in the importance of offering our users access to a diversified range of asset classes, which includes stocks, ETFs, and options. 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 firm stated.

The firm has essentially opted to err on the side of caution, given that the SEC has now asserted in lawsuits against Binance and Coinbase that major assets such as ADA, SOL, MATIC, MANA, ALGO, and several others are securities.

Related: Breaking: US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler

Members of the community have questioned why eToro US hasn’t mentioned anything about Solana, which was also deemed as securities in the recent lawsuits. However it is worth noting that SOL was already not a part of eToro US’s offerings.  

This isn’t the first time eToro US has moved to halt access to certain assets in response to the litigation-friendly SEC. In December 2020, the firm also delisted Ripple (XRP) following the SEC’s lawsuit against Ripple Labs.

Cointelegraph has reached out to eToro US over the halting of certain assets and the choice to not halt others, and will update the story if the firm responds.

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