eToro has reached a settlement of $1.5 million with the United States Securities and Exchange Commission (SEC), putting an end to the company’s violation of federal securities regulations.
The settlement stipulates that eToro’s cryptocurrency trading platform will only allow consumers in the U.S to trade Bitcoin, Ether, and Bitcoin Cash. This agreement follows the SEC’s claims that eToro was operating as a clearing agency and broker without the necessary registration.
The Director of the SEC’s Division of Enforcement, Gubir Grewal, stated that eToro will continue its operations in the United States while complying with relevant regulations. The settlement aims to strengthen protections for investors and other crypto intermediaries. In addition to paying a $1.5 million fine, eToro has committed to ending its violations of federal securities laws.
As part of the settlement, eToro will limit its cryptocurrency offerings, with only Bitcoin, Ether, and Bitcoin Cash available for trading by U.S consumers. After 180 days, users will have the option to sell additional assets based on the Commission’s ruling.
During the negotiations, eToro expressed its commitment to establishing transparent regulatory frameworks and outlined its future goals.
In other cryptocurrency news today, Solana (SOL) is targeting a rise to $155 and $160, but there’s a catch.