eToro to Delist MATIC, MANA, DASH and ALGO for US Customers

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• SEC Action Leads eToro to Delist Four Tokens

Trading platform eToro announced on Monday that it would delist four crypto assets for its US customers, citing “recent developments.”

On Monday, social investment platform eToro said it would delist four crypto tokens from its platform for US customers. The platform announced via Twitter that US customers will no longer be able to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC) from July 12.

The platform said, however, that customers will still be able to hold and sell existing positions in these tokens.

From 6:00AM ET on Wednesday July 12th, 2023, US customers will no longer be able to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH) and Polygon (MATIC). Customers can continue to hold and sell existing positions in these coins. (2/5)

— eToro US (@eToroUS) June 12, 2023

SEC Action Leads eToro to Delist Four Tokens

eToro ended support for these tokens as part of an ongoing review process.

The firm cited “recent developments” for the move, referring to the SEC’s legal action against Binance and Coinbase.

“eToro has a framework in place which reviews the cryptoassets we offer in light of the rapidly evolving regulatory landscape. Due to recent developments, we will be making some changes to our crypto offering for US customers.”

In the lawsuit against Binance, the SEC called several popular crypto tokens unregistered securities. The suit named Cardano (ADA), Polygon (MATIC), Solana (SOL), Cosmos Hub (ATOM), Filecoin (FIL), Decentraland (MANA), Algorand (ALGO), The Sandbox (SAND), Coti (COTI), and Axie Infinity (AXS).

The platform will only halt purchases for the four tokens mentioned and said it remains a supporter of crypto 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.”

eToro’s decision comes after its competitor Robinhood announced it would end support for ADA, SOL, and MATIC.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.