eToro Ends Support for ALGO, MANA, MATIC and DASH

June 14, 2023

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According to reports, eToro, an Israeli social trading and multi-asset investing platform, is likely to delist a number of cryptocurrency tokens for its American clients in a month in reaction to ongoing lawsuits filed by the US Securities and Exchange Commission (SEC).

eToro Ends Support for Multiple Altcoins

In accordance with eToro’s announcement on Monday, American customers will no longer have the ability to create new positions in the tokens of Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC) as of July 12. Customers will nonetheless be allowed to keep and liquidate their current investments in these tokens.

Worsening Crypto Situation in the US

As stated by eToro US, in a thread on Twitter on June 12, it considered its cryptocurrency listings “in light of the rapidly evolving regulatory landscape” and “recent developments” with the SEC.

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“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,” eToro stated.

eToro Clears Rumors Regarding SOL

However, following the statement, several members of the crypto community raised questions about why eToro US hasn’t made a single reference to SOL, which was also viewed as security in the most recent litigation. In response, an eToro representative made it clear that SOL is not one of the services provided by eToro US.

Robinhood also Delisted Multiple Cryptocurrencies

In light of recent regulatory hits, it is significant that the platform is not the first to delist the tokens. Recently, Robinhood delisted SOL, the native cryptocurrency of Solana, as well as a few other cryptocurrencies that were identified as securities in the Securities and Exchange Commission (SEC) complaint against Binance.

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Additionally, starting in 2022, eToro itself delisted Cardano (ADA) and Tron (TRX) for US consumers. Also, the company delisted Ripple in December 2020 in response to the SEC’s lawsuit against Ripple Labs.