eToro US Customers Will No Longer Be Able To Open New Positions in ALGO, MATIC, MANA and DASH


Source: Adobe

US customers using social investing platform eToro US will no longer be able to open new positions in Algorand, Decentraland, Dash and Polygon after those cryptocurrencies got caught in a US regulator’s crosshairs.

Beginning on July 12, customers will no longer be able to open those new positions, eToro US tweeted on Monday afternoon. 

“We remain a supporter of cryptoassets and believe in the importance of offering our users access to a diversified range of asset classes, which includes stocks, ETFs, and options,” the firm said. “We are committed to working closely with regulators around the world to shape the future of the crypto industry and champion access for the ordinary investor.”

This comes after the US Securities and Exchange Commission said Polygon (MATIC), Algorand (ALGO), Decentraland (MANA), and Dash were securities in multiple lawsuits it filed last week. 

The agency sued Binance last week for their “blatant disregard of the federal securities laws,” along with 13 charges, including operating an unregistered exchange.

Binance CEO Changpeng Zhao and Binance knew that they were operating the platform in violation of various US laws, the SEC said. 

The SEC then sued Coinbase a day later and said the exchange was operating its platform and was not registered in the capacity of an exchange, broker or clearing agency. 

What about XRP?

eToro US was also asked by a Twitter user whether it would list XRP again it it is not a security.

The firm said it was “paying close attention.”

“We know this is on the minds of many in the eToro community and we're always evaluating the regulatory environment for new developments. We can't guarantee any specific outcome, but we're paying close attention and will be sure to keep users informed of any changes!” the firm said. 

XRP is part of a lawsuit the SEC forged against Ripple in 2020. 

The SEC accused Ripple of raising $1.3 billion through the sale of XRP, while also suing CEO Brad Garlinghouse and co-founder Christian Larsen. 

A court decision on whether XRP is a security is expected soon. 

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