The U.S. Securities and Exchange Commission (SEC) announced that eToro USA LLC has agreed to pay a $1.5 million penalty over allegations that it operated as an unregistered broker and clearing agency. eToro agreed to pay this penalty for failing to comply with federal securities laws, while committing to only offer a limited set of crypto assets for trading. From now on, users in the US will only be able to trade Bitcoin, Bitcoin Cash and Ethereum.
Gurbir S. Grewal, Director of the SEC's Division of Enforcement, said that eToro's actions were in compliance with the regulatory framework and emphasized that this decision will guide other crypto intermediaries. eToro committed to implement this decision without accepting the SEC's findings and to refund customers by liquidating crypto assets that could not be transferred within 187 days.
