Etoro to Limit Cardano and Tron Services in US Due to Regulatory Concerns
Etoro, an Israel-based trading platform, has taken action on its platform regarding the trading of cardano and tron. Now, U.S.-based customers will have limited functionality with these cryptocurrencies on the Etoro platform starting in December. Etoro explained in a post that these new measures were a consequence of “business-related considerations in the evolving regulatory environment.” Etoro Limits Cardano and Tron Trading for US-Based Customers
Etoro, one of the most important Israel-based trading companies, has limited tron and cardano trading for users based in the U.S. The announcement was made on November 23, in a blog post that informed customers about the limitations that these assets will see applied to the platform. Users will not be able to open positions for these cryptocurrencies starting December 26, and will not be able to stake these assets anymore starting next December 21.
However, this only applies to new positions. Existing positions will have to be maintained by the users, but when closed the payout of the operation (if any) will be processed in dollars. Also, positions in smart portfolios will be converted to personal positions for the user to maintain them. Etoro stated it is taking these measures due to “business-related considerations in the evolving regulatory environment.” The company is likely trying to protect itself from the regulatory uncertainty that the cryptocurrency sector is facing in the U.S. Hoskinson Answers
The unexpected measures taken by Etoro prompted a response from Charles Hoskinson, the founder of Cardano. Hoskinson talked about the general regulatory uncertainty problems that cryptocurrency faces in the world, and especially in the U.S. On the subject, Hoskinson stated:
It appears to be an adjustment in risk control and policy for a particular European entity and liquidity was reduced there for US participants.
At the same time, Bitstamp, another European cryptocurrency exchange, has announced it will be including cardano on its platform. This would support the aforementioned assessment by Hoskinson, which suggests Etoro’s constriction is just a specific action by a single platform, and not symbolic of an overall trend of exclusion. Hoskinson also clarified the action by Etoro wouldn’t affect the liquidity of the currency in the market, as it was a relatively small platform for the token.
Hoskinson also called for regulatory clarity, stating that it was going to be the only way in which all of these problems could be solved. on the other hand, Justin Sun, the founder of Tron, made no statements about the issue. Tags in this story Cardano, Charles Hoskinson, eToro, justin sun, k tron, limitations, limitatios, Liquidity, positions
What do you think about Etoro limiting Cardano and Tron functionality on its platform? Tell us in the comments section below. 2021 Crypto Literacy Report Suggests 96% of Americans Fail to Comprehend Basic Crypto Knowledge NEWS | 2 hours ago JPMorgan CEO Jamie Dimon Warns People to Be Careful When Investing in Crypto Citing "No Intrinsic Value" NEWS | 22 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFrutti Dino Is Forming a Global Governance Ecosystem for NFT Games Next articleSidus Heroes CEO Dan Khomenko Talks About the Economics of Play-to-Earn Blockchain Games, NFTs and the Metaverse Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTwitter Sets up Dedicated Team to Focus on Cryptocurrency and Decentralized Apps
Twitter has set up a team to focus on "crypto, blockchains, and other decentralized technologies — including and going beyond cryptocurrencies.” Initially, the team will explore how it can "support the growing interest among creators to use decentralized apps to ... read more.Terra to Burn $4.5 Billion Worth of LUNA From Community Pool Bitcoin’s Hashrate Soars 42% Higher Over the Last 3 Months Following Crypto Asset’s 36% Price Increase Over 3 Million Customers Can Earn Bitcoin Points Dining at 500 Restaurants via Landry"s Rewards Program Ripple Launching Liquidity Hub Despite SEC Lawsuit Over XRP