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EToro Delists Crypto Assets Deemed Securities By SEC

Financial trading platform eToro has announced that starting next month, U.S. customers will no longer be able to purchase Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC) on its platform. The decision comes as a response to recent regulatory developments and echoes similar actions taken by Robinhood, another trading app, last week. These tokens were labeled as securities by the U.S. Securities and Exchange Commission (SEC) in lawsuits against major crypto exchanges. However, existing positions in these tokens can still be held and sold by eToro's U.S. customers.

eToro emphasized that the changes will only affect U.S. customers and assured its commitment to the crypto industry. The company operates in over 100 international markets and has an ongoing framework to review the crypto assets it offers in light of the evolving regulatory landscape. Meanwhile, Robinhood also disclosed last Friday that it would end support for ADA, SOL, and MATIC, citing a "cloud of uncertainty" surrounding these tokens. Both eToro and Robinhood started offering crypto assets, including Bitcoin and Ethereum, to their U.S. customers in 2018. Although the SEC has shown regulatory scrutiny toward crypto companies, these actions by eToro and Robinhood reflect the unease felt by platforms with roots in other industries due to their close ties to the crypto markets.

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