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eToro Set to Delist ADA and TRX for US Customers

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eToro Set to Delist ADA and TRX for US Customers
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Popular Israeli social trading and multi-asset brokerage platform eToro recently announced delisting Cardano (ADA) and Tron (TRX) for US users.

According to the company’s official blog post published on Wednesday, the new development will take effect from December 26th. The company uses “business-related considerations in the evolving regulatory environment” to justify this.

eToro noted that it would gradually withdraw ADA and TRX capabilities from its US customers. By December 26th, users in this country can no longer use the two tokens on the platform to open new positions. The staking of the two types of encrypted assets will cease on December 31, and after January 15, 2022, the last staking reward will be paid to US users in US dollars.

eToro Not Forcing Users To Sell

US users can continue to hold all existing ADA and TRX positions safely. Users can always close their positions and convert them to US dollars on the eToro platform as the broker admits they are not forcing anyone to sell their ADA or TRX holdings.

In addition, all ADA and TRX stocks in eToro’s Smart Portfolio feature are automatically converted into open positions in the user’s portfolio, and the user can decide to continue holding or selling.

The trading platform indicated that it will restrict sales of assets from ADA and TRX in the first quarter of 2022. It intends to make eToro Money’s crypto wallet compatible with these two assets so that American users can transfer their holdings there. However, the firm noted that it would not limit sales for at least 30 days after offering users support for redeeming their ADA and TRX to the eToro Money crypto wallet.

Cardano’s Founder Responds

Shortly after eToro’s announcement, Cardano’s founder, Charles Hoskinson, commented on the matter, disclosing that his team was not informed about any regulatory issues.

“On our side, we had no indication of this from eToro, and it’s rather unfortunate that nothing was sent our way. We at least could have better understood their reasons.”

He added that the latest development, however, did not affect ADA’s liquidity and admitted that every exchange has its regulatory thresholds.

“It has no meaningful impact on the liquidity of ADA, billions of dollars turn around every day… it was a relatively small trading market, but that is just the nature of the game, liquidity comes and goes… and of course everybody has different regulatory thresholds.”

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