Popular stock trading platform eToro is ceasing trading for nearly all crypto assets after reaching a settlement with the US Securities and Exchange Commission (SEC).
eToro was charged with operating an unregistered brokerage and clearing agency related to its crypto trading platform.
The trading platform has agreed to pay $1.5 million to settle the charges related to its unregistered brokerage and clearing agency operations, the SEC announced on Sept. 12.
As part of the settlement, eToro has agreed to “make only a limited set of crypto assets available for trading” in the US and to cease violating applicable federal securities laws.
In line with the settlement, eToro’s US customers will only be able to trade Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH) tokens, allowing customers to sell their other crypto assets for up to 180 days starting Sept. 12.
This isn’t the first regulatory issue for the trading platform. At the beginning of April, the Philippines SEC accused eToro of offering unregistered securities in the country.
This is a developing story, and further information will be added as it becomes available.
