Israeli social investing and trading platform eToro has announced that it would delist Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC) for U.S. customers as of July 12. The move came shortly after the U.S. Securities and Exchange Commission (SEC) labeled these tokens and others as unregistered securities in two consecutive lawsuits against major crypto exchanges, Binance and Coinbase. eToro customers in the U.S. will not be able to open new positions in ALGO, MANA, DASH, and MATIC as of July 12. - However, they will still be able to continue to hold and sell their existing positions in these tokens.
- The firm cited its internal review of its crypto listings following the recent developments around the SEC while explaining the decision.
- The trading platform added that they are committed to working closely with regulators around the world to shape the future of the crypto industry.
- Trading app Robinhood also recently decided to delist Solana (SOL), Polygon (MATIC), and Cardano (ADA) by the end of June after it reviewed its crypto offerings and listed tokens due to the SEC's increased crackdown on crypto trading platforms.
- eToro underlined that its delisting does not include SOL since the token is not among its offerings in the U.S.
Earlier in June, the SEC consecutively filed two separate lawsuits against Binance, the largest crypto exchange by trading volume, and Coinbase, the largest U.S. crypto exchange, over alleged U.S. securities law violations. - eToro also delisted Ripple (XRP) in December 2020 when the SEC filed a lawsuit against Ripple Labs.
- The platform hit the headlines in April following its partnership with Twitter.
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