Crypto exchange eToro is cutting back on Cardano and TORN offerings for U.S. customers.

Crypto exchange eToro released a statement indicating that it is limiting support for Cardano and TRON positions and discontinuing staking for its U.S. customers.

Starting Dec 26, 2021, U.S. users on the eToro platform will not be able to open new positions on ADA or TRX, and staking for both crypto assets is set to cease by Dec 31, 2021. The crypto exchange revealed its plan earlier this week. However, users will still be able to close their positions whenever they see fit before a 2022 deadline and receive USD when they sell ADA and TRX. 

 

The final staking reward payout goes to users on Jan 15.

The final staking reward payout goes to users on Jan 15, 2022. eToro is looking to make it possible in early 2022 for users to move their ADA and TRX to the eToro Money Wallet. The reason for these actions by the crypto exchange is the continually changing regulatory landscape. At the same time, Cardano co-founder Charles Hoskinson downplayed eToro’s actions, saying that it shouldn’t cause alarm among investors through the spread of disinformation.

 

Hoskinson expressed disappointment that eToro had not given Cardano a heads-up.

Charles Hoskinson took to Twitter to say that eToro’s announcement is not of significant concern, as ADA wasn’t actually being delisted on eToro. He emphasized that there are no ADA liquidity problems but expressed some disappointment that eToro had not given Cardano a heads-up. On the same day, another major crypto exchange Bitstamp, which is larger than eToro by trading volume, listed ADA for its U.S. customers. Bitstamp reports $500M in volume per day, while eToro does $67M. Cardano is still in the top-6 cryptocurrencies, with a market capitalization of almost $53B, a circulating supply of approximately 32 million coins. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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