eToro is halting purchases of its second-tier scaling solution Polygon (MATIC), smart contract platform Algorand (ALGO), and two other altcoins after the SEC designated them as securities.
In an announcement, eToro stated that US customers will no longer be able to purchase ALGO, MATIC, the game metaverse Decentraland (MANA), and the privacy-focused protocol Dash (DASH). This is as a result of the latest US regulatory moves towards digital assets.
eToro has a structure that evaluates the crypto assets we offer, keeping in mind the rapidly changing regulatory environment. Due to recent developments, we will be making some changes to our crypto offering for our US customers.”
eToro description:
eToro’s decision coincides with a lawsuit filed by the US Securities and Exchange Commission (SEC) against the world’s two largest crypto exchanges, Binance and Coinbase. As part of the lawsuits filed last week, the SEC qualifies several altcoins as securities, including the four altcoins eToro has banned from buying. It is stated that the ban will come into effect on July 12. US customers will still have the ability to hold and sell these four assets.
Starting at 6:00 AM ET on Wednesday, US customers will no longer be able to open positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC), according to eToro’s statement. Clients will be able to continue or sell their current positions in these cryptocurrencies.
“We continue to support cryptoassets and believe in the importance of offering our users a diversified range of asset classes, including stocks, exchange-traded funds (ETFs) and options. We are committed to working closely with regulators around the world to shape the future of the crypto industry and support access for ordinary investors. Please note that these changes only affect US customers. If you have any questions, please feel free to contact our customer service team.”
News of delisting comes one after another
Trading giant Robinhood is delisting Solana (SOL), Cardano (ADA) and Polygon (MATIC) as of June 27, as they have been designated as securities by the SEC.
Many altcoin prices have crashed over the past week due to SEC lawsuits, including major market cap tokens like ADA, MATIC, and SOL.
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