eToro Halts Crypto Trading for US Customers, Restricting to BTC, ETH and BCH

eToro Halts Crypto Trading for US Customers, Restricting to BTC, ETH and BCH

eToro, a popular mobile investment app that allows users to trade various assets, including cryptocurrencies, has announced that it will be significantly restricting crypto trading for its US customers. This decision follows a recent settlement with the U.S. Securities and Exchange Commission (SEC), in which the company agreed to pay a $1.5 million penalty. As a result of this settlement, eToro US customers will only be able to trade three cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). The company has halted support for trading all other cryptocurrencies, leaving users with limited options for diversifying their crypto portfolios. This move is a significant setback for eToro, which has been one of the more popular platforms for US-based crypto traders. The company's decision to restrict crypto trading is likely to drive many users to other platforms that offer a wider range of cryptocurrencies. The SEC has been cracking down on crypto trading platforms in recent months, and eToro's settlement is just the latest example of this trend. The SEC is concerned about the lack of regulation in the crypto market and the potential for fraud and abuse. As a result, the SEC is taking steps to bring the crypto market under its regulatory umbrella. It remains to be seen how eToro's decision to restrict crypto trading will impact the company's business in the long run. However, it is clear that the SEC is taking a more active role in regulating the crypto market, and this is likely to have a significant impact on the industry going forward.