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Etoro to Delist ALGO, MANA, DASH, and MATIC for US Customers Amid ‘Evolving Regulatory Landscape’

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Etoro to Delist ALGO, MANA, DASH, and MATIC for US Customers Amid ‘Evolving Regulatory Landscape’

The social trading and investment company Etoro declared on Monday that starting July 12, 2023, U.S. customers would be unable to initiate new trades for ALGO, MANA, DASH, and MATIC. The company cited the “rapidly evolving regulatory landscape” as the reason behind the delistings.

Etoro Reveals Plans to Delist 4 Crypto Assets

Based in Tel Aviv, Israel, Etoro’s trading and investing platform specified that as of July 12, 2023, American customers will be barred from trading four distinct cryptocurrencies. The organization claimed that it has devised a system for its team to assess crypto assets in response to the ever-shifting regulatory climate.

“Due to recent developments, we will be making some changes to our crypto offering for U.S. customers,” Etoro said on Monday. “From 6:00 AM ET on Wednesday, July 12th, 2023, U.S. customers will no longer be able to open new positions in algorand (ALGO), decentraland (MANA), dash (DASH) and polygon (MATIC). Customers can continue to hold and sell existing positions in these coins,” the social trading company added.

This announcement from Etoro comes after Robinhood’s decision to delist cardano (ADA), solana (SOL), and polygon (MATIC). These delistings come in the wake of the U.S. Securities and Exchange Commission (SEC) suing Binance and Coinbase. Numerous SEC lawsuits contend a handful of specific crypto assets are securities or investment contracts.

The U.S. regulator identified all four currencies – ALGO, MANA, DASH, and MATIC – in SEC lawsuits as securities. Over the past week, MANA has fallen by 24%, DASH by 25%, ALGO by 18.4%, and MATIC by 22% against the U.S. dollar. Etoro’s Twitter update emphasized that their announcement pertains solely to clients based in the United States.

The company concluded, “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.”

What are your thoughts on Etoro’s decision and the impact of regulatory actions on the crypto industry? Share your thoughts and opinions about this subject in the comments section below.

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