Popular exchange eToro announced this week that it is delisting Cardano and Tron for US users due to regulatory concerns.
Starting December 26, users in the United States won’t be able to open new ADA or TRX positions. By Dec. 31, staking for the assets won’t be available either. The exchange cited “business-related considerations in the evolving regulatory environment” in its decision.
Cryptocurrencies aren’t going away. Buy Bitcoin here.
Staking reward payouts for US users will cease after January 15, 2022, with final rewards paid in US Dollars.
Still, users will be able to keep existing positions of ADA and TRX, and those positions can be closed at any point with the assurance that they will be paid in USD. Users won’t be forced to liquidate their positions, and eToro said there are no plans to force this on users.
Any holdings as a result of the exchange’s “Smart Portfolio,” an automated portfolio, will be converted to open positions in the personal portfolio so the user can personally decide whether to hold or sell.
Per the blog post, eToro will limit the selling of holdings in Q1 of 2022, however. The exchange plans to make its eToro Money crypto wallet – which is due for roll out in 2022 – natively compatible with the assets so that users can move their holdings there.
The blog post said the limiting of sales won’t happen for at least 30 days after offering support for redeeming ADA and TRX to the wallet. The wallet will still operate normally even after US users can no longer sell their holding for USD.
Tron and Cardano are supported by most leading cryptocurrency exchanges such as Bitfinex, Bybit and Phemex.
Use our referral links and gain a sign-up bonus!
Join the telegram channel for updates, charts, ideas and deals.
Did you like the article? Share it!
