Cryptocurrencies
Trading Platform eToro Settles With SEC, Limits US Crypto Activity
- Unregistered broker, clearing agency allegations settled
- US users will be limited to Bitcoin, Bitcoin Cash, and Ether
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EToro USA LLC agreed to pay $1.5 million and allow American customers to only trade only a handful of cryptocurrencies on its platform to settle US Securities and Exchange Commission allegations that it operated as an unregistered broker and clearing agency.
The social trading and investment platform entered into a cease-and-desist order without admitting or denying the allegations, the agency said in a statement Thursday. Since at least 2020, eToro operated as a unregistered broker and clearing agency by allowing US customers the ability to trade crypto assets as securities, according to a complain.