TechFlow reported that the U.S. Securities and Exchange Commission (SEC) announced that eToro USA LLC has agreed to pay a $1.5 million fine to resolve allegations that it operated a crypto asset trading platform without a registered brokerage and clearing agency. As part of the settlement, eToro agreed to stop violating relevant federal securities laws and will only provide limited crypto asset transactions.
According to the SEC’s order, since 2020, eToro has provided U.S. customers with the purchase and sale of crypto assets as securities transactions through its online trading platform without complying with the registration provisions of federal securities laws. eToro publicly announced that in the future, U.S. customers can only trade Bitcoin, Bitcoin Cash and Ethereum on its platform.
For other crypto assets, eToro will provide customers with the ability to sell them within 180 days of the SEC order being issued.
