Thus, from December 26, 2021, they will not be able to open new positions in these cryptocurrencies. Moreover, from December 31, staking for these assets will end.
In its decision, the company referred to “business-related considerations in the evolving regulatory environment”. American users of the platform will be able to hold existing positions in Cardano and Tron. However, in the first quarter of 2022, eToro will close the sale opportunity.
No plans to forcibly sell consumers’ remaining crypto
The company assured that this will happen at least 30 days after it becomes possible to transfer these cryptocurrencies to the eToro Money wallet. The application will continue to support assets further. Now eToro is working on the compatibility of the wallet with coins.
In addition, the platform has no plans to forcibly sell the remaining positions of users in cryptocurrencies. On January 15, eToro will stop paying rewards for Cardano and Tron staking to customers from the United States. Also, will make final calculations in dollars.
“We still offer a large range of crypto assets on eToro and hope to add new crypto assets in the future. Above all, we are disappointed to take this step. eToro will continue to be active supporters of the crypto ecosystem,” the company said in a statement.
“Bitcoin is the king of crypto” says eToro CEO
In January 2021, the platform closed the possibility for American users to trade the XRP token from Ripple, citing a lawsuit filed against the fintech company by the U.S. Securities and Exchange Commission (SEC).
Recall that previously in June, the CEO and founder of eToro, Yoni Assia, called Bitcoin (BTC) “the king of cryptocurrencies”. Many analysts agree with him. In their opinion, BTC will continue to lead the cryptocurrency market and will not give up its position. It is the most reliable and reputable coin. Therefore, it is in demand among smart traders and investors, experts write.
It’s important to remember that alternatives to Bitcoin have been offered since 2011. But none of them even came close to replacing Bitcoin in terms of price, use, or reliability. Furthermore, Bitcoin has the largest network, and its practical value is growing simply because it has the most users.