The United States Securities and Exchange Commission (SEC) has announced a settlement with trading platform eToro. The company was in the middle of a regulatory dispute with the SEC over allegations of operating as an unregistered broker and clearing agency with its crypto trading platform. United States regulators continue to clamp down on crypto firms, a move described by many as stifling innovation.
eToro To Limit US Users To BTC, BCH & ETH
The SEC and the trading platform have reached an agreement following charges of offering unregistered trading services to crypto assets. In a Sept 12 release, the securities regulator disclosed that eToro will pay $1.5 million to settle charges and will cease violating applicable federal securities laws.
SEC’s Division of Enforcement Director Gubir Grewal, explained that the firm will continue its United States operations while maintaining relevant laws. “This resolution not only enhances investor protection but also offers a pathway for other crypto intermediaries…The $1.5 million penalty reflects eToro’s agreement to cease violating applicable federal securities laws as it continues its U.S. operations.”
As part of the settlement, the company will cease trading services to nearly all crypto assets. Per the release, it announced that United States customers will only trade Bitcoin, Ether, and Bitcoin Cash. However, users will be able to sell other assets for 180 days after the Commission’s order.
The post Breaking: eToro To Offer BTC, ETH & BCH Trading Services After SEC Settlement appeared first on CoinGape.
