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Regulation is tightening around the cryptocurrency world, with major online financial platforms making notable changes to their offerings. The latest to do so is eToro, an international platform with a significant presence in over a hundred markets. Starting from July 12, eToro has declared that four digital tokens - Polygon, Dash, Algorand, and Decentraland - will be off the buying list for American users.
The Securities and Exchange Commission (SEC), the United States financial overseer, has classified these specific tokens as securities. This ruling emerged from lawsuits against powerhouse cryptocurrency exchanges Binance and Coinbase, significantly impacting market dynamics. While not explicitly linking their decision to these lawsuits, eToro acknowledged the impact of recent regulatory revelations on their operations.
However, it's not all doom and gloom for eToro's clientele. The company confirmed that while new cryptocurrency purchases would cease, American customers can still retain and sell their existing positions in these cryptocurrencies. eToro also clarified that this amendment only applies to their US customers, as their commitment to crypto remains strong worldwide.
In a related development, Robinhood, a stock trading app that also includes crypto trading, announced its own restriction on certain cryptocurrencies. Effective from June 27, Solana, Polygon, and Cardano would no longer be available on the platform, citing a "cloud of uncertainty" surrounding these digital tokens.
These developments highlight a broader pattern in the industry. Both eToro and Robinhood initially focused on traditional assets like stocks and expanded their offerings to include cryptocurrencies in 2018, capitalizing on the growing acceptance of crypto. However, they have since had to navigate a regulatory labyrinth, a consequence of their involvement in digital currency markets.
With the SEC intensifying its scrutiny and companies like Robinhood and eToro adjusting their crypto practices, a critical juncture in cryptocurrency trading appears imminent. How these platforms adapt and evolve could be a game-changer for the future of digital currency.
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