eToro to Delist Cardano, Tron Crypto Tokens for US Clients
As per a recent announcement on the eToro website, the cryptocurrency exchange is delisting Cardano and TRON for users in the United States. Starting on December 26, users in the United States will no longer be allowed to create new ADA or TRX positions, and staking for the assets will be discontinued on December 31.
eToro’s decision was based on “business-related concerns in a developing regulatory regime,” according to the company. Staking incentive distributions for users in the United States will be discontinued after January 15, 2022, with the last awards given in US dollars.
Still, US customers will be able to maintain their current holdings in ADA and TRX, and they will be able to close such positions at any moment with the confidence that they will be paid out in USD. Users will not be compelled to sell their holdings at this time, and eToro has said that it has no intentions to compel users to liquidate their positions in the future.
The exchange’s “Smart Portfolio,” an automated portfolio, will switch any holdings into open positions in the user’s personal portfolio, allowing the user to determine whether to retain or dispose the positions at their discretion. As per a blog post on the eToro website, the company will restrict the sale of assets in the first quarter of 2022.
Toro intends to make its cryptocurrency wallet, which will be available in 2022, interoperable with the assets so that consumers may transfer their holdings to that wallet instead. According to the blog post, the sales will be restricted for a minimum of 30 days after the addition of functionality for the redemption of ADA and TRX to the wallet. Even once users in the United States are no longer able to sell their holdings for USD, the wallet will preserve the assets.