decrypt.co
Financial trading platform eToro told Decrypt Wednesday it's committed to crypto and working with regulators in the wake of two high-profile lawsuits from the Securities and Exchange Commission (SEC) against Binance and Coinbase.
“We remain a supporter of crypto and believe in the importance of offering our users access to a diversified range of asset classes,” an eToro spokesperson told Decrypt. “This means working closely with regulators globally to shape the future of the crypto industry and champion access for the ordinary investor.”
eToro currently offers 80 cryptocurrencies on its platform, including several alleged to be unregistered securities this week by the SEC, such as Cardano (ADA), Polygon (MATIC), Solana (SOL), Alogrand (ALGO), Filecoin (FIL), Decntraland (MANA), and the Sandbox (SAND).
Founded in Israel in 2007 as an FX trading platform that later supported stocks, eToro’s crypto platform for U.S. customers went live in 2018. Drawing closer to crypto over time, eToro also announced a partnership with Twitter this April, which lets users on the social media app invest in cryptocurrencies through eToro and view real-time prices.
Concerning the tokens it lists, the eToro spokesperson told Decrypt the firm has a “framework in place” that enables it to review what digital assets it offers “in light of the fact that the regulatory landscape around crypto activities is evolving rapidly.”
eToro isn’t alone in bridging the gap between trading stocks and crypto assets. In 2018, its stock trading competitor Robinhood introduced Robinhood Crypto, which initially offered users access to Bitcoin and Ethereum. But today, Robinhood’s crypto arm offers 18 different tokens, including ADA, MATIC, and SOL.
On Tuesday, Robinhood’s Chief Legal Officer Dan Gallagher signaled during testimony before Congress the firm is assessing which assets are listed on Robinhood Crypto in light of the SEC’s lawsuits against Coinbase and Binance.
“There are a few coins that have been noted in recent SEC complaints that we do trade on our platform,” Gallagher said. “We are actively reviewing the SEC analysis to determine what, if any, actions to take in that regard.”
Meanwhile, Binance.US said on Wednesday that the exchange was changing elements of its business “after careful consideration” in a press release.
The exchange said it will remove over 100 “Advanced Trading” pairs from its platform, effective June 8. Several of the trading pairs impacted include tokens dubbed unregistered securities by the SEC: Axie Infinity (AXS), Cosmos Hub (ATOM), COTI (COTI), and MANA.
Additionally, Binance.US said it is modifying its “Buy, Sell & Convert” offering, limiting trade amounts to $10,000 for tokens like MATIC, SOL, and ADA.
Binance.US did not provide an explanation for the shift, but the measure follows an emergency motion filed by the SEC on Tuesday that seeks in part to freeze corporate assets belonging to the exchange.
Binance.US did not immediately respond to a request for comment from Decrypt.