{"id":407173,"date":"2023-06-13T23:52:05","date_gmt":"2023-06-13T23:52:05","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=407173"},"modified":"2023-06-29T09:26:45","modified_gmt":"2023-06-29T09:26:45","slug":"etoro-freezes-algo-matic-mana-and-dash-purchases-for-u-s-clients","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/etoro-freezes-algo-matic-mana-and-dash-purchases-for-u-s-clients","title":{"rendered":"eToro Freezes ALGO, MATIC, MANA, And DASH Purchases For U.S. Clients"},"content":{"rendered":"

\u00a0eToro, a <\/span>global retail trading giant, <\/span>suspended<\/span><\/a> purchases on Algorand (ALGO), Polygon (MATIC), Decentraland (MANA), and Dash (DASH) for its customers based in the United States.\u00a0<\/span><\/p>\n

The U.S. SEC’s <\/span>recent lawsuits<\/span> against Binance and Coinbase are causing a chain of negative events in the crypto space. This suspension comes as the US Security and Exchange Commission (SEC) labeled the tokens as securities in recent lawsuits.\u00a0<\/span><\/p>\n

Exchanges and trading platforms such as Robinhood and eToro are delisting tokens to prevent a run-in with the law on the unauthorized sale and trade of securities.\u00a0<\/span><\/p>\n

eToro Makes Official Anrobunhoodnouncement<\/b><\/h2>\n

In a <\/span>Tweet on June 12,<\/span><\/a> eToro US noted that it recently reviewed its crypto asset listing due to the rapidly changing regulatory landscape.\u00a0 <\/span>According to the announcement,<\/a> customers cannot open new positions in ALGO, MANA, DASH, and MATIC.<\/span><\/p>\n

The assets will officially delist by <\/span>6:00 AM ET<\/span><\/a> on Wednesday, July 12, 2023. However, customers can continue to hold and sell their existing positions for these tokens.\u00a0<\/span><\/p>\n

In its posts, eToro affirmed its commitment to <\/span>working with regulators<\/span> worldwide to shape the future of the crypto industry<\/a> and grant access to ordinary investors.\u00a0<\/span><\/p>\n

Despite the turn of events. eToro claims to support other crypto assets<\/a>, thus giving users access to a wide range of assets.\u00a0Also, they stated that the changes only <\/span>apply to US customers<\/span><\/a>, and their customer care team was available to answer all questions.<\/span><\/p>\n

Crypto Community Member Questions Decision<\/b><\/h2>\n

A crypto enthusiast on <\/span>Twitter<\/span><\/a> asked why eToro is delisting Polygon and Algorand from their platform but not Solana.\u00a0<\/span><\/p>\n

In response, the trading platform <\/span>noted<\/span><\/a> that Solana (SOL) and Cardano (ADA) were made unavailable to eToro US users based on a previous review. <\/span>Therefore, the notice only affected the specific assets mentioned in the announcement.\u00a0<\/span><\/p>\n

Robinhood Also Delists Cardano, Polygon, and Solana<\/b><\/h2>\n

Earlier this month, cryptocurrency<\/a> and stock trading platform Robinhood <\/span>announced<\/span> the delisting of ADA. MATIC and SOL tokens. <\/span>This announcement is also a reaction to the SEC’s stance that these tokens are securities in its recent lawsuit against <\/span>Coinbase<\/span><\/a> and <\/span>Binance<\/span><\/a>. <\/span><\/p>\n

On June 9, Robinhood announced that it would end support for these three tokens from <\/span>June 27<\/span> after a review. <\/span>According to the crypto firm, the SEC’s recent allegations introduced a <\/span>cloud of uncertainty<\/span><\/a> surrounding these assets, thus leading to this decision.\u00a0<\/span><\/p>\n

However, they noted that customers with <\/span>SOL, MATIC, and ADA<\/span><\/a> tokens would receive specific and detailed instructions on how to sell and withdraw the tokens. <\/span>Also, they stated that they <\/span>believe in the future of crypto<\/span><\/a> and will continue to advocate for regulatory clarity in the U.S.<\/span><\/p>\n

The recent regulatory actions of the SEC have <\/span>increased FUD levels<\/span><\/a> in the crypto market as more platforms and exchanges seek to avoid regulatory pressure.\u00a0<\/span><\/p>\n

Read more:\u00a0<\/strong><\/p>\n