Exchanges

Trading platform eToro delists ADA, TRX for U.S. users

  • As of Dec. 26, U.S. users will no longer be able to open new ADA or TRX positions
  • Staking awards earned by U.S. users will end after January 15
  • The trading platform will also limit the selling holdings in Q1 of 2022

eToro announced in a blog post that it will delist Cardano and TRON for users from the United States.

US users will be able to hold their existing positions

As of Dec. 26, U.S. users will no longer be able to open new ADA or TRX positions, and as of Dec. 31, staking will no longer be available for these assets. eToro justified its decision citing “business-related considerations in the evolving regulatory environment.” Staking awards earned by U.S. users will end after January 15, 2022, with final awards paid in USD

US users can hold existing positions of ADA and TRX, and these positions can be closed at any time with the assurance that they will be paid out in USD. Users will not be forced to sell their positions at this time, and eToro said it has no plans to force sales. All holdings resulting from the “Smart Portfolio,” an automated portfolio of the trading platform, are converted into open positions in the personal portfolio so that the user can decide for themselves whether to hold or sell them.

Users can move their holdings to Etoro’s crypto wallet in 2022

The company said it plans to make its crypto wallet eToro Money, due to launch in 2022, compatible with assets so users can move their holdings there. It also states that the restriction on sales will come no earlier than 30 days after it offers support for redeeming ADA and TRX into the wallet. The wallet will still support the assets even after U.S. users can no longer sell their holdings for USD. The trading platform will also limit the selling holdings in Q1 of 2022.

Sign up for our FREE mailing list

Join 12,590 others now and get actionable research and analysis sent directly to your inbox.

Post a Comment

GET YOUR CRYPTO DAILY BRIEF

Delivered daily, straight to your inbox.