TechFlow news: The U.S. Securities and Exchange Commission (SEC) announced that eToro USA LLC has agreed to pay a $1.5 million penalty to settle charges related to operating a crypto asset trading platform as an unregistered broker and clearing agency. As part of the settlement, eToro has agreed to cease violations of relevant federal securities laws and will offer only limited crypto asset trading.
According to the SEC's order, since 2020, eToro provided U.S. customers with the ability to buy and sell crypto assets as securities through its online trading platform without complying with federal securities law registration requirements. eToro publicly stated that in the future, U.S. customers will only be able to trade Bitcoin, Bitcoin Cash, and Ethereum on its platform.
For other crypto assets, eToro will provide customers with a sell function within 180 days following the issuance of the SEC's order.
