eToro Settles with SEC for $1.5M Over Unregistered Crypto Trading
TL;DR
- eToro has settled with the SEC, agreeing to pay $1.5 million for operating as an unregistered broker and facilitating trades of certain crypto assets.
- U.S. customers will now only be able to trade $BTC, $BCH, and $ETH on the platform as part of the settlement.
Trading platform eToro has reached a settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay $1.5 million to resolve charges related to operating as an unregistered broker and facilitating the trading of certain crypto assets considered securities. The SEC's statement emphasized that eToro failed to comply with federal securities laws since at least 2020, reflecting the agency's increasing scrutiny of cryptocurrency firms in the U.S.
As part of the settlement, eToro must cease any violations of federal securities laws and will limit the crypto assets available for trading by U.S. customers. Moving forward, only $BTC, $BCH, and $ETH will be accessible for trading on eToro's platform. This limitation aims to ensure compliance while addressing regulatory concerns.
The SEC's order did not specify which tokens were involved in the alleged violations, contributing to ongoing confusion and legal challenges within the cryptocurrency industry. This enforcement action against eToro is part of a broader trend, as the SEC has become more active in regulating crypto firms, including recent actions against platforms like Coinbase and a partial victory in its case against Ripple concerning the sale of XRP.
---
Follow us for the latest news! đ
#USDataImpact #dappOSTheFutureofIntents #BinanceWeb3Wallet #NFPWatch #CryptoMarketMoves #USNonFarmPayrollReport
