eToro to remove cryptos ADA and TRON for U.S. users in December citing evolving regulatory landscape
The Israeli exchange announced that it will be delisting Cardano's ADA token and the TRON Foundation's TRON for U.S. users citing regulatory concerns.
Thu, 25 Nov 2021, 08:04 am UTC
eToro will be making changes to its crypto offerings available to U.S. users next month. The Israeli exchange announced that it will be delisting Cardano's ADA token and the TRON Foundation's TRON citing regulatory concerns.
“eToro will be limiting ADA and TRX for users in the US,” the company announced in a blog post. “These US users will no longer be able to open new positions in or receive staking rewards for, Cardano (ADA) and TRON (TRX). You will still be able to close existing positions as you see fit.”
Starting on December 26, 2021, U.S.-based users will no longer be able to open new TRX and ADA positions. eToro also added that users will also no longer be able to access staking for these cryptos starting December 31, 2021.
“These changes are due to business-related considerations in the evolving regulatory environment,” eToro explained.
With U.S. users no longer able to access staking options for the two cryptocurrencies, the final staking reward payout will be available on January 15, 2022, which will be paid in U.S. dollars. However, the company also clarified that it will not be forcing users to sell their existing Cardano and Tron tokens.
“You will still be able to securely hold existing positions of Cardano (ADA) and Tron (TRX),” eToro said. “We are only limiting users from opening new positions. We are not forcing users to sell any existing position.”
The platform is also working to make its eToro Money crypto wallet compatible with Cardano and Tron. The company expects this to happen by early 2022, which would allow U.S. users to move their TRX and ADA tokens to the eToro Money crypto wallet.
While U.S. users can now sell their existing ADA and TRX holdings, the company warned that there might be some restrictions in the future. “However, in Q1 of 2022 we will limit the selling of holdings as well,” eToro said. “This will not happen for at least 30 days after we offer support for redeeming your ADA and TRX coins to the eToro Money crypto wallet. We will notify you before this happens.”
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