As the United States Securities and Exchange Commission (SEC) continues to clamp down on Binance and Coinbase exchanges, the entire crypto and financial markets remain attentive, with the likes of eToro weighing in.
eToro, one of the powerhouse platforms in financial trading, has reiterated its commitment to crypto and demonstrated a willingness to work in compliance with industry regulations.
We remain a supporter of crypto and believe in the importance of offering our users access to a diversified range of asset classes. This means working closely with regulators globally to shape the future of the crypto industry and champion access for the ordinary investor.
The assertion comes as the US Securities and Exchange Commission (SEC) continues to cast its hawkish eye on crypto platforms, with industry giants Binance and Coinbase on the frontline.
Why eToro Had To Demonstrate Willingness to Comply
Noteworthy, eToro’s comments are not without warrant, considering the platform offers some of the tokens that the SEC deemed securities – Cardano (ADA), Polygon (MATIC), Solana (SOL), Algorand (ALGO), Filecoin (FIL), Decentraland (MANA), and the Sandbox (SAND).
Nevertheless, an eToro spokesperson has since explained that the company has a structure in place that makes it possible to review the digital assets offered on the platform with full cognizance of the evolving regulatory landscape in the crypto realm.
The platform has recently integrated with Twitter, in a joint collaboration meant to enable users on the giant social media application to invest in crypto through eToro while viewing real-time prices.
While the eToro platform’s financial trading services include stocks and crypto, it is not alone because other industry peers like Robinhood launched a crypto trading service in 2018 to operate alongside its stocks trading service.
A key similarity between eToro and Robinhood, besides both platforms offering crypto and stocks, is that Cardano, Polygon, and Solana feature on both counters.
Like eToro, an official from Robinhood has also commented on the current regulatory tussle.
In a June 6 hearing before Congress, the firm’s Chief Legal Officer, Dan Gallagher, indicated that the company was evaluating the assets listed on Robinhood Crypto following the recent SEC charge against Binance and Coinbase.
There are a few coins that have been noted in recent SEC complaints that we do trade on our platform. We are actively reviewing the SEC analysis to determine what if any, actions to take in that regard.
In the latest development, Robinhood has revealed plans to delist ADA, MATIC, and SOL.
In the same way, BinanceUS revealed plans to change certain things in its business as part of the effort to steer clear of the regulator. Already, more than 100 “Advanced Trading pairs have been slashed from its platform, including Axie Infinity (AXS), Cosmos Hub (ATOM), COTI (COTI), and MANA.