WASHINGTON, DC, Friday, September 13, 2024 — eToro USA had reached a $1.5 million settlement with the SEC over charges of operating an unregistered broker and clearing agency about its cryptocurrency trading platform, a Reuters report said.
This settlement includes the cessation of most crypto asset trading for US customers, allowing only Bitcoin, Bitcoin Cash, and Ether to remain available.
According to the SEC, since at least 2020, eToro provided US customers with the ability to trade crypto assets classified as securities without adhering to federal registration requirements.
The agency’s order also mandates eToro to liquidate certain crypto assets that were offered and sold as securities within 187 days, returning the proceeds to its customers.
eToro has also agreed to cease violating federal securities laws, although it has not admitted or denied the findings.
The platform will also provide functionality for customers to sell non-permitted crypto assets for 180 days after the SEC’s order.
