eToro to Delist ADA and TRX for U.S. Customers
- On 26 December U.S. users will loose the ability to open new positions in ADA and TRX, and by 31 December will no longer be able to stake the tokens.
- eToro will limit the selling of the assets sometime in Q1 2022, after it has made its wallet compatible with ADA and TRX.
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Popular trading platform eToro will soon start the delisting process for the Cardano (ADA) and TRON (TRX) tokens for U.S. users, the company said in a blog post on 23 November.
According to the announcement, the platform will gradually limit its support for ADA and TRX for U.S. customers, who will loose the ability to open new positions in the tokens starting 26 December. eToro will further prohibit its U.S. customers from staking these assets by 31 December, with staking rewards being paid out in USD until 15 January 2022. The company said in its post:
“We still offer a large range of crypto assets on eToro and hope to add new crypto assets in the future. Above all, we are disappointed to take this step. eToro will continue to be active supporters of the crypto ecosystem.”
Users will still be able to hold to existing positions of ADA and TRX — which can be sold at any time for U.S. dollars — as the limitations only apply to new positions for now. Sometime in Q1 2022, however, eToro will also limit the selling of those assets, though that will not happen until the company has made its eToro Money wallet compatible with ADA and TRX. The wallet will continue to support the assets even after U.S. users are prohibited from selling them.
eToro revealed that the move was due to “business-related considerations in the evolving regulatory environment”. The news had a negative impact on the price of the two assets, with ADA falling down more than 8.5%, and TRX by around 5%, in the last 24 hours.
- The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against trading platform eToro over its contract for difference (CFD) product.
- The regulator claimed the product’s target market was too broad, and that eToro used insufficient screening tests when offering the leveraged derivative contracts to retail users.
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- Twitter will also direct users to the investment platform through a “view on eTroro” tab, where they will be able to purchase or sale assets of their choice.
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