eToro to delist ADA, TRX for US users over regulatory concerns

eToro is delisting Cardano and TRON for stateside users, according to a new post from the exchange. 

Starting Dec. 26, U.S. users won't be able to open new ADA or TRX positions, and by Dec. 31, staking for the assets will no longer be available. eToro cited "business-related considerations in the evolving regulatory environment" in its decision. 

Staking reward payouts for U.S. users will end after Jan. 15, 2022, with the final rewards paid in USD. 

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Still, U.S. users will be able to hold existing positions of ADA and TRX and those positions can be closed at any time with the assurance that they will  pay out in USD. Users won't be forced to sell their positions at this time, and eToro said it has no plans to force selling.

Any holdings as a result of the exchange's "Smart Portfolio," an automated portfolio, will be converted to open positions in the personal portfolio so the user can personally decide whether to hold or sell.

However, eToro will limit the selling of holdings in Q1 of 2022, according to its blog post. It plans to make its eToro Money crypto wallet, rolling out in 2022, compatible with the assets so that users can move their holdings there.

The blog post said the limiting of sales won't happen for at least 30 days after offering support for redeeming ADA and TRX to the wallet. The wallet will continue to support the assets even after U.S. users can no longer sell their holding for USD.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.