eToro to cease access to ALGO, MANA, DASH, and MATIC for US customers

Israeli multi-asset investment platform eToro announced that its users in the United States will soon be unable to access Algorand (ALGO), Polygon (MATIC), Decentraland (MANA), and Dash (DASH), following a similar move made by Robinhood. 

eToro limits crypto offerings for US customers

eToro, in a Twitter thread, said that the company is adjusting its crypto offering for customers in the US, which will see the company delist four tokens — ALGO, MATIC, MANA, and DASH — starting from July 12, 2023. 

According to eToro, US customers can still hold and sell already open positions in these tokens, while stating that the new change will not affect non-US customers. 

Although the platform does not mention the SEC lawsuit against crypto exchange giants Coinbase and Binance, eToro said it was carrying out the action “due to recent developments.”

The four tokens mentioned in the eToro announcement were deemed securities by the SEC in the regulator’s recent lawsuits. 

Meanwhile, eToro’s action comes shortly after Robinhood made a similar move in June. As previously reported by crypto.news, the trading platform announced the planned delisting of SOL, MATIC, and ADA from its platform, based on its “latest review.”

With the SEC’s recent enforcement approach towards crypto, more companies could tow the same line as eToro and Robinhood to avoid regulatory issues, which could further affect users based in the United States.