Etoro suspends the purchase of certain cryptos for Americans

In an increasingly difficult regulatory environment, the financial trading platform eToro has decided to restrict access to certain cryptocurrencies for its American customers. This decision raises questions about the future of cryptocurrencies in the United States.

eToro complies with regulations

Faced with increasing regulatory pressure on cryptocurrencies in the United States, Robinhood was forced to take action. This significant move resulted in the removal of some of these digital currencies from its platform.

eToro is a widely recognized platform for its user-friendly interface. It offers a wide range of investment options. However, from next month, the purchase of Algorand (ALGO), Decentraland (MANA), Dash (DASH) And Polygon (MATIC) will be prohibited for its American customers.

This decision stems from the regulatory pressure exerted by the SEC on the entire financial sector.

Indeed, these four tokens have been labeled as “securities” by the SEC. This has spawned legal proceedings against major cryptocurrency exchanges. These include Coinbase and Binance.

A spokesperson for eToro clarified to Decrypt that “US customers will no longer be able to open new positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH) and Polygon (MATIC)”but they will be able to continue to hold and sell existing positions in these assets.

eToro and regulatory uncertainty

The new restrictions will come into effect on July 12. This gives US customers one month to redeem the affected tokens. “eToro has put in place a framework that examines the cryptocurrencies we offer in light of the rapidly changing regulatory landscape,” added the spokesperson.

However, this decision will only affect US customers. eToro, which operates in more than 100 international markets, confirmed that its overall cryptocurrency strategy remained unchanged.

This announcement highlights the growing regulatory uncertainty surrounding cryptocurrencies in the United States. Platforms like eToro and Robinhood, which started with assets such as stocks, have gradually opened up to cryptocurrencies. The latter are feeling the effects of this regulatory uncertainty.

In this turbulent context, vigilance is required. It is more essential than ever to carefully monitor the evolution of cryptocurrency regulations, especially in the United States. Decisions made today could well determine the future of this dynamic and growing sector. Meanwhile, uncertainty defies US regulatory uncertainty.