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eToro Announces Cardano (ADA) And Tron (TRX) Delisting, Points To Regulatory Concerns

Best Owie by Best Owie
2 years ago
in Cardano, Tron
Reading Time: 3 mins read

Crypto exchange eToro has just announced that it is delisting two major cryptos from its platform. As regulatory concerns grow, crypto exchanges have found themselves bearing the brunt of the weight and have had to take steps to avoid this. This has led to the delisting of cryptocurrencies from crypto exchanges in order to maintain compliance with the regulatory environment.

The latest of the exchanges that have been bucking under the weight of regulatory concerns is eToro. On Tuesday, the exchange announced via a blog post that it will be delisting community favorites Cardano (ADA) and Tron (TRX). Users of the crypto exchange also received emails informing them of the latest development.

Related Reading | Kraken Is Delisting Top Privacy Coin Monero (XMR) For UK Users

eToro Limits Access For US Users

According to the announcement, US users are the core user base that will be affected by the delisting of the coins. In what looks to be a multi-phase delisting, eToro is limiting access to these digital assets for users in the United States on December 26th, 2021.

The first phase of this is preventing US users from opening up new positions in Cardano (ADA) and Tron (TRX). While users will still be able to close their positions, they will not be allowed to open new ones. In addition, eToro will also remove staking features for US users for both Cardano (ADA) and Trong (TRX), with final reward payouts happening on January 15th, 2022.

Cardano (ADA) price chart from TradingView.com

ADA price drops to $1.8 | Source: ADAUSD on TradingView.com

The statement cited the “evolving regulatory environment” as the reason behind the delistings. This is in line with Kraken delisting privacy coin Monero for its UK users. The crypto exchange had also stated regulatory concerns for the move.

How Will This Affect ADA And TRX Holders?

The blog post explained that Cardano (ADA) and Tron (TRX) holders will still be able to hold both assets on the exchange following the delisting. Furthermore, they will be able to sell their positions for USD. However, this, too, has an expiry date as it stated that the selling of both assets will also be limited in the first quarter of 2022.

Related Reading | Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic

For users invested in Smart Portfolios that contain either or both of these assets, eToro will convert them to open positions, which the user can choose to hold or close. Users whose portfolios copy others will be subjected to the same action taken on the portfolio being copied. So if the latter sells their Cardano (ADA) and Tron (TRX), then the assets in the copying portfolio will also be sold.

Finally, users will still be able to send their holdings to the eToro Money crypto wallet past the deadline for selling and will not be forced to sell any of their holdings in either asset.

Featured image from Time.com, chart from TradingView.com
Tags: ADACardanoetoroTRONTRX
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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