eToro responds to SEC securities charges! After July 12, four cryptocurrencies will be banned from new positions for US users.

In response to the recent regulatory uncertainties in the U.S. cryptocurrency market, the overseas trading platform eToro announced today that it has made adjustments to the crypto assets available to U.S. users. Coins identified by the SEC as securities will no longer be able to open new positions on eToro starting from the middle to late July.

Restrictions on Cryptocurrency Purchases for US Users

According to a Twitter announcement by eToro, starting from 6:00 AM EST on July 12, 2023, users in the United States will no longer be able to open new positions on Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC) on the platform, but they can still continue to hold and sell their existing positions in these cryptocurrencies.

The decision was made in response to the rapidly changing regulatory environment. These cryptocurrencies that are now restricted from opening new positions were mentioned as securities in the SEC's lawsuits against Binance and Coinbase.

Event Recap: SEC Sues Coinbase Summary, SEC Sues Binance Summary

"We are committed to working closely with regulatory authorities around the world to shape the future of the cryptocurrency industry and to provide services to retail investors," eToro stated.