The American investment platform eToro has come under pressure from regulators, leading it to restrict cryptocurrency trading, but only in the U.S. market. This situation was highlighted by Reuters. The U.S. Securities and Exchange Commission (SEC) also announced that the company must pay a fine of $1.5 million.
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This penalty came after eToro was accused of allowing trading in certain cryptocurrencies without proper registration, which violates U.S. securities laws. The SEC further stated that eToro agreed to cease these activities. For U.S. users, the platform will continue to allow trading only in a limited selection of cryptocurrencies, specifically Bitcoin, Bitcoin Cash, and Ethereum, which the SEC considers legally tradable assets.
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The dispute revolves around the fact that some cryptocurrencies allowed for trading by eToro are viewed by the SEC as securities. However, the platform did not meet the necessary registration requirements. Many companies in the cryptocurrency sector, including eToro, have challenged this interpretation. They argue that cryptocurrencies are not traditional securities and should be regulated by different rules. Critics of the SEC claim that the commission is overstepping its authority and that the cryptocurrency market should be subject to specific regulations.
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The fine imposed on eToro is further evidence that U.S. regulatory bodies are tightening their oversight of the cryptocurrency market, which has seen significant growth recently. This presents challenges not only for investors but also for companies, which will have to adapt their activities more to the new regulations. It is unclear whether this step will lead to further actions against other cryptocurrency platforms or to a review of the current regulatory frameworks. However, it is clear that uncertainty in this sector persists, affecting its future development.
