eToro to restrict access to Cardano and TRON for US customers

The investment platform eToro announced that it will delist Cardano (ADA) and TRON (TRX) for US users.

From December 26, 2021, users will no longer be able to open new positions in these cryptocurrencies. From December 31, the assets will no longer be eligible for staking.

In its decision, the company cited ‘business considerations in a developing regulatory environment’.

US-based users will be able to hold existing Cardano and TRON positions. However, in the first quarter of 2022, eToro will end the ability to sell.

The company assured that this will occur at least 30 days after the ability to transfer these cryptocurrencies to the eToro Money wallet becomes available. The app will continue to support the assets going forward. eToro is currently working on wallet compatibility with the coins.

The platform does not plan to forcibly sell remaining user positions in these cryptocurrencies.

On January 15, eToro will cease paying staking rewards for Cardano and TRON to US customers, with final settlements made in dollars.

“We continue to offer a broad range of crypto assets on eToro and hope to add new ones in the future. First and foremost, we are disappointed that we had to take this step. eToro will continue to be an active supporter of the cryptocurrency ecosystem,” the company said.

In January 2021, the platform restricted for US users the ability to trade Ripple’s XRP token, citing a lawsuit filed against the fintech company by the SEC.

In the second quarter of 2021, eToro earned from commissions from cryptocurrency trading more than $264 million, which accounted for 73% of total fees.

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