As part of the settlement, eToro will limit crypto trading in the US to Bitcoin, Bitcoin Cash, and Ether.
US customers will have 180 days to sell other crypto assets before they are removed from the platform.
The Securities and Exchange Commission (SEC) announced today (Thursday)
that eToro USA LLC will pay $1.5 million to settle charges related to operating
an unregistered broker and unregistered clearing agency.
The settlement comes as eToro is considering listing its
shares, with the US as a potential destination. The company is currently
exploring an initial public offering (IPO) in either New York or London.
According to eToro, a US listing would provide access to a broader range of
investors compared to the British market.
Federal Requirements Violated
The charges arise from eToro's trading platform, which
facilitated the buying and selling of certain crypto assets classified as
securities. As part of the settlement, eToro has agreed to cease violating
federal securities laws and will limit the range of crypto assets available for
trading.
According to the SEC’s order, eToro has been operating as
both a broker and a clearing agency since at least 2020. The platform allowed
U.S. customers to trade crypto assets considered securities without complying
with registration requirements under federal law.
“This settlement allows us to move forward and focus on
providing innovative and relevant products across our diversified U.S. business.
U.S. users can continue to trade and invest in stocks, ETFs, options and the
three of the largest cryptoassets,” commented Yoni Assia, eToro’s Co-Founder and CEO.
“As a company serving over 38 million registered users from
more than 75 countries, the terms of the settlement will have a minimal impact
on our global business,” he continued. “Outside of the United States, eToro users will continue
to enjoy access to over 100 cryptoassets.” He reassured that as a global, multi-asset trading and
investing platform, eToro continues to experience strong growth and remains committed
to becoming a public company in the future.
eToro Agrees to Settlement
In response to the SEC’s order, eToro announced that only
Bitcoin, Bitcoin Cash, and Ether will be available for U.S. customers to trade.
The company also confirmed that users will have 180 days to sell other crypto
assets before they are removed from the platform.
In general, US users are not required to take any action.
Only positions that cannot be transferred to the eToro crypto wallet are
affected. This accounts for less than 3% of the total dollar value of US
customers’ cryptoassets. Positions in cryptocurrencies that are transferable to
the eToro crypto wallet can remain open on the eToro platform indefinitely.
The SEC stated that, without admitting or denying the
findings, eToro has agreed to a cease-and-desist order, to pay a $1.5 million
penalty, and, within 187 days of the order, to liquidate any crypto assets
classified as securities that it cannot transfer to its customers, returning
the proceeds to those customers.
“eToro has been offering regulated securities across the
globe since before the invention of crypto,” said the CEO. “As an early adopter and global
pioneer of cryptoassets as well as a significant player in regulated
securities, it is important for us to be compliant and to work closely with
regulators around the world.”
“We appreciate the importance of regulation to
protect consumers,” Assia reassured. “We now have a clear regulatory framework for cryptoassets in
our home markets of the UK and Europe and we believe we will see similar in the
U.S. in the near future. Once this is in place, we will look to enable trading in
the cryptoassets that meet this framework.”
The Securities and Exchange Commission (SEC) announced today (Thursday)
that eToro USA LLC will pay $1.5 million to settle charges related to operating
an unregistered broker and unregistered clearing agency.
The settlement comes as eToro is considering listing its
shares, with the US as a potential destination. The company is currently
exploring an initial public offering (IPO) in either New York or London.
According to eToro, a US listing would provide access to a broader range of
investors compared to the British market.
Federal Requirements Violated
The charges arise from eToro's trading platform, which
facilitated the buying and selling of certain crypto assets classified as
securities. As part of the settlement, eToro has agreed to cease violating
federal securities laws and will limit the range of crypto assets available for
trading.
According to the SEC’s order, eToro has been operating as
both a broker and a clearing agency since at least 2020. The platform allowed
U.S. customers to trade crypto assets considered securities without complying
with registration requirements under federal law.
“This settlement allows us to move forward and focus on
providing innovative and relevant products across our diversified U.S. business.
U.S. users can continue to trade and invest in stocks, ETFs, options and the
three of the largest cryptoassets,” commented Yoni Assia, eToro’s Co-Founder and CEO.
“As a company serving over 38 million registered users from
more than 75 countries, the terms of the settlement will have a minimal impact
on our global business,” he continued. “Outside of the United States, eToro users will continue
to enjoy access to over 100 cryptoassets.” He reassured that as a global, multi-asset trading and
investing platform, eToro continues to experience strong growth and remains committed
to becoming a public company in the future.
eToro Agrees to Settlement
In response to the SEC’s order, eToro announced that only
Bitcoin, Bitcoin Cash, and Ether will be available for U.S. customers to trade.
The company also confirmed that users will have 180 days to sell other crypto
assets before they are removed from the platform.
In general, US users are not required to take any action.
Only positions that cannot be transferred to the eToro crypto wallet are
affected. This accounts for less than 3% of the total dollar value of US
customers’ cryptoassets. Positions in cryptocurrencies that are transferable to
the eToro crypto wallet can remain open on the eToro platform indefinitely.
The SEC stated that, without admitting or denying the
findings, eToro has agreed to a cease-and-desist order, to pay a $1.5 million
penalty, and, within 187 days of the order, to liquidate any crypto assets
classified as securities that it cannot transfer to its customers, returning
the proceeds to those customers.
“eToro has been offering regulated securities across the
globe since before the invention of crypto,” said the CEO. “As an early adopter and global
pioneer of cryptoassets as well as a significant player in regulated
securities, it is important for us to be compliant and to work closely with
regulators around the world.”
“We appreciate the importance of regulation to
protect consumers,” Assia reassured. “We now have a clear regulatory framework for cryptoassets in
our home markets of the UK and Europe and we believe we will see similar in the
U.S. in the near future. Once this is in place, we will look to enable trading in
the cryptoassets that meet this framework.”
Playtech to Sell Its Italian Retail Unit for €2.3 Billion
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
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Don't miss out on our latest videos, interviews, and event coverage.
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