- The change will affect DASH, MANA, ALGO and MATIC
- The decision came into force on June 12
- The company explained it with “changes in the regulatory framework”
Starting June 12, US users of the eToro trading platform will no longer be able to open a position with DASH $29 dash DASH 3.48% market cap $331.7m Vol. 24N $9.5m , MANA $0 Decentraland MANA 3.44% market cap $637.9m Vol. 24N $11.6m , ALGO $0 Algorand ALGO 5.07% market cap $838m Vol. 24N $25.2m i MATIC $1 Polygon MATIC 2.61% market cap $6b Vol. 24N $198.1m . The company explained its decision by “development of the regulatory framework.”
At the same time, clients will be able to close existing positions and liquidate the balance in designated tokens. The company also stressed that the change applies exclusively to customers in the United States.
In a corporate letter received mass media, eToro cites “changes in an ever-evolving regulatory framework.” Obviously, the platform does not want to deal with “problem” tokens.
All four crypto assets are mentioned in a recent lawsuit by the Securities and Exchange Commission (SEC) against the Binance exchange. They, like a number of other tokens with a total capitalization of $115 billion, are positioned as securities.
We also note that Polygon (MATIC) and Solana (SOL) have already commented on the regulator’s statement. Both expressed dissatisfaction, but not too strongly. In the meantime, the Solana community is proposing a fork to resolve any potential legal issues.
It is interesting how the measures taken by eToro will affect the company’s position in the US. The platform, with great difficulty, obtained a license in New York, and this is one of the largest local markets in the States. Won’t her decision to “bend” under the SEC be a blow to activity on the floor?