eToro Follows Robinhood in Delisting Four Cryptos

The fallout from the Binance and Coinbase lawsuits is spreading, with eToro as the latest platform to pull certain crypto.

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  • eToro will delist four tokens for US customers.
  • The decision will take effect starting in July.
  • The move is part of eToro’s response to the SEC’s crackdown on crypto.

The fallout from the Securities and Exchange Commission’s (SEC) regulatory crackdown is spreading. Following the lawsuits against Binance and Coinbase, US-based crypto exchanges like eToro US are taking steps to avoid the wrath of the SEC, delisting controversial tokens. 

On Monday, June 12, eToro US announced that the platform would delist four crypto tokens, effective in July, due to regulatory challenges. 

eToro to Delist ALGO, MANA, DASH, MATIC

The four tokens affected are Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC).

Starting July 12, traders will be unable to open new positions in these tokens. However, users can continue and hold or sell the tokens they already have.

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The company stated that the move is part of its efforts to comply with regulatory standards in the United States. The most likely reason for the delisting was the ongoing SEC lawsuit against Binance. 

SEC’s Lawsuit Against Binance Prompts eToro US, Robinhood to Delist Tokens

On June 9, Robinhood announced that it would delist Solana (SOL), Cardano (ADA), and Polygon (MATIC). All three of these tokens appear in the SEC’s lawsuit against Binance. 

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On June 5, 2023, the SEC charged Binance, the world’s largest crypto asset trading platform, and its founder, Changpeng Zhao, with a variety of securities law violations. The charges include operating unregistered exchanges, broker-dealers, and clearing agencies. Moreover, the SEC charged Binance with the unregistered offer and sale of securities, naming specific tokens in the lawsuit. 


The lawsuit listed ten crypto assets as unregistered securities. It includes BNB, BUSD, Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and COTI (COTI). 

On the Flipside

  • Despite ongoing regulatory pressures, eToro US will continue to list XRP. Interestingly, the SEC did not list XRP as a security in its lawsuit against Binance.
  • eToro also delisted Dash (DASH), which is not one of the cryptos directly named in the SEC lawsuit

Why This Matters

The move by eToro US signals that US-based exchanges are concerned with an intensifying SEC crackdown. 

Read more about how the SEC is putting pressure on exchanges: 

SEC v. Binance Puts Screws on U.S. Exchanges to Delist ADA, SOL, MATIC

Read more about how the SEC crackdown is affecting Solana: 

Solana’s SEC, FTX Troubles Spark Hard Fork Debate in Community

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.