EToro Settles SEC Charges, Limits Crypto Trading

Trading platform eToro has agreed to a $1.5 million settlement with the U.S. Securities and Exchange Commission (SEC) over allegations of operating as an unregistered broker and clearing agency. As part of the settlement, eToro will restrict its U.S. customers to trading only Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH). Customers have 180 days to sell other crypto holdings, after which eToro will liquidate and return the proceeds. The settlement highlights the SEC's ongoing regulatory crackdown on the crypto industry, aiming to enforce compliance with federal securities laws. eToro's CEO Yoni Assia expressed optimism about future U.S. crypto regulations, emphasizing the company's commitment to compliance.