Etoro, an Israeli-based trading website, has banned the trading of cardano and tron on its platform. Beginning in December, consumers in the United States will have limited access to these cryptocurrencies on the Etoro platform. These new restrictions, Etoro noted in a blog post, are the result of "business-related concerns in the shifting regulatory environment."
Cardano and Tron trading is restricted for Etoro customers in the United States.
For consumers situated in the United States, Etoro, one of the most major Israel-based trading companies, has restricted tron and cardano trading. The statement was issued on November 23 in a blog post informing clients of the platform constraints that will be imposed on certain assets. Beginning December 26, users will no longer be able to initiate positions in these cryptocurrencies, and they will no longer be able to stake these assets beginning December 21.
This, however, only applies to newly created roles. Existing positions must be maintained by users, however after the operation is closed, the payout (if any) will be executed in dollars. Positions in smart portfolios will also be transformed to personal positions so that the user can keep track of them. Etoro explained that it is taking these steps because of "business-related factors in the shifting regulatory environment." The company is most likely attempting to shield itself from the regulatory uncertainties that the bitcoin industry is currently experiencing in the United States.
Hoskinson responds
Etoro's surprising actions spurred Charles Hoskinson, the founder of Cardano, to retaliate. Hoskinson discussed the global regulatory uncertainty that cryptocurrency faces, particularly in the United States. Hoskinson had this to say about it:
It appears to be a risk control and policy modification for a specific European business, and liquidity for US participants was restricted.
At the same time, another European cryptocurrency exchange, Bitstamp, has announced that cardano would be supported on its platform. This would confirm Hoskinson's conclusion that Etoro's restriction is merely a one-off measure by a single platform, rather than a symptom of a broader trend of exclusion. Hoskinson further stressed that Etoro's decision would have no impact on the currency's liquidity in the market because it was a minor platform for the token.
Hoskinson also advocated for regulatory clarity, claiming that it would be the only way to resolve all of these issues. Justin Sun, the founder of Tron, on the other hand, has remained silent on the subject.
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