eToro is a cryptocurrency exchange hailing from Israel. The platform has introduced itself as a diverse brokerage organization and financial services provider. In addition to crypto exchange services, users can also perform Forex exchange services from the platform. However, the platform has currently started to become unpopular among US digital traders.
The main cause of this dismissive behavior towards the exchange is a recent announcement. The eToro management has broadcast plans to delist Cardano and TRON native tokens for the US traders before the year-end. The news was first posted on the official site of the eToro website. The management of the financial trading services claims that it is a business-related decision.
The latest development in the eToro exchange has been announced by its management recently. According to the new blog post, the users hailing from the United States will not be able to create any new staking positions in ADA or TRX after December 26th, 2021. The management of eToro further explained that these decisions are made in light of the changing and evolving regulatory environment in the US.
It is worth noting that the eToro platform issued rewards in USD for creating staking positions on the platform. However, the blog has reported that the staking rewards for US citizens are going to come to an end by Jan 2022. The news has created an outrage among the crypto traders hailing from the United States. Before Jan 15th next year, all the due staking rewards are going to be paid in full in USD.
eToro Network is Planning to Launch a New Digital Wallet
The users from the US will be able to keep the existing staking positions in ADA and TRX even after the deadline. The platform has also announced that there is no policy for forced liquidation of these staking positions under consideration. Furthermore, some users might hold the aforementioned tokens in the automated portfolio called Smart Portfolio.
The eToro platform will create open positions for the ADA and TRX reserves present in the Smart portfolio to give the users a chance to decide if they want to hold or sell. The platform has clarified that during January next year, it will slow down all holding liquidations. The slowdown is the result of the eToro Money Crypto Wallet upgrade procedure. After the allotted time, the users in the USA will not be able to sell their crypto reserves for USD, but they will be able to continue to hold the existing positions.