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 made in this direction, 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 the SEC filing a lawsuit against Binance and Coinbase. As part of last week’s lawsuits, 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.
Accordingly, there will be a halt from 6:00 AM ET on Wednesday. US customers will not be able to open positions in Algorand (ALGO), Decentraland (MANA), Dash (DASH) and Polygon (MATIC). Clients will either continue their current positions in these cryptocurrencies or have the opportunity to sell them.
eToro said, “We support crypto assets. It’s important to offer our users a diversified range of asset classes. We are determined to shape the future of the crypto industry. We are also committed to working closely with regulators around the world to 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 some coins because they are considered securities by the SEC. Based on this decision, Solana (SOL), Cardano (ADA) and Polygon (MATIC) will be removed from the list as of June 27.
As it will be remembered, the prices of many altcoins fell last week. Major market cap tokens such as ADA, MATIC, and SOL have crashed due to the SEC lawsuit.
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