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eToro has reached a settlement with the U.S. Securities and Exchange Commission (SEC) over charges that it operated as an unregistered broker and clearing agency in connection with its crypto asset trading platform. eToro, which scrapped a SPAC deal in 2022, will pay a $1.5 million fine and will cease trading activity in nearly all crypto assets, limiting U.S. customers to trading only Bitcoin, Bitcoin Cash, and Ether. The SEC's order noted that eToro US had around 240,000 customer accounts. The settlement marks a significant regulatory action by the SEC, which continues to intensify its scrutiny of crypto trading platforms.
JUST IN: SEC announces that eToro will pay $1.5 million to settle charges for operating as an unregistered broker. eToro will limit the crypto assets available for trading on its platform to only Bitcoin, Bitcoin Cash, and Ethereum. https://t.co/xACLcPVBIQ
eToro USA agrees to pay $1.5M and limit US user trading to Bitcoin, Bitcoin Cash, and Ether to settle SEC allegations that it operated as an unregistered broker (@resate_z / Bloomberg) https://t.co/AQMXIBu4MK 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/RDSPIB5YzW
#Etoro Restricts US #Crypto Trading to 3 #Cryptocurrencies Following SEC $1.5M Fine https://t.co/uhcz0lglGq