Etoro to delist ALGO, MANA, DASH and MATIC for US customers

Etoro to delist ALGO, MANA, DASH and MATIC for US customers

Social trading and investment company Etoro announced on Monday that starting July 12, 2023, US customers will not be able to initiate new trades with ALGO, MANA, DASH and MATIC. The company cited “a rapidly changing regulatory environment” as the reason for the delisting.

Etoro Reveals Plans to Delist 4 Crypto Assets

Based in Tel Aviv, Israel, trading and investment platform Etoro has indicated that as of July 12, 2023, US clients will be banned from trading four different cryptocurrencies. The organization said it developed a cryptoasset valuation system for its team in response to an ever-changing regulatory climate.

“As of 6:00 AM ET on Wednesday, July 12, 2023, U.S. customers will no longer be able to open new positions in ALGO, MANA, DASH, and MATIC,” the company said.

This announcement from Etoro comes after Robinhood’s decision to delist Cardano (ADA), Solana (SOL) and Polygon (MATIC). These delistings came after the US Securities and Exchange Commission (SEC) sued Binance and Coinbase. Numerous SEC lawsuits allege that several specific crypto assets are securities or investment contracts.

The US regulator has designated all four currencies – ALGO, MANA, DASH and MATIC – as securities in the SEC lawsuits. Over the past week, MANA fell by 24%, DASH – by 25%, ALGO – by 18.4%, MATIC – by 22% against the US dollar. Etoro’s Twitter update emphasizes that their announcement is exclusive to US customers.

The company concluded: “We are committed to working closely with regulators around the world to shape the future of the crypto industry and provide access for grassroots investors.”

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