Crypto broker eToro says it will be removing Cardano and tron ​​for US clients by the end of the year due to regulatory concerns | Currency News | Financial and business news

Cardano’s Ada token is down 12% this week.

DIAMOND VISUALS

• eToro surprised the crypto community by removing Cardano’s Ada tokens from the list.
• Until the end of 2021, investors cannot buy an ada on the exchange platform.
• eToro cited regulatory issues, but Cardano founder Charles Hoskinson brushed concerns aside.

eToro surprised crypto investors with the announcement that Cardano’s Ada tokens and the TRON Foundation’s Tron tokens for US customers from April 26th.

The Israeli stock exchange cited regulatory concerns as the reason for its decision to remove the two cryptocurrencies from the list. After Boxing Day, US residents will no longer be able to purchase Ada or Tron, while staking for these assets ends on December 31st.

“The regulatory landscape for crypto is developing rapidly,” an eToro spokesman told Insider. “As a result, we will be limiting the ability for US users to open new positions in ADA and TRX or earn stake rewards for doing so.”

Cardano, which was founded in 2015 by Ethereum co-founder Charles Hoskinson, has risen this year but has struggled in recent months. Ada shot from 18 cents in early 2021 to an all-time high of $ 3.10 in early September, but has since slumped to $ 1.70. According to data provider CoinMarketCap, it is still the sixth largest cryptocurrency by market capitalization.

“We are particularly disappointed with this step,” said a representative from eToro. “eToro will continue to be an active supporter of the crypto ecosystem.”

The news came as a surprise to the crypto community, especially after the Luxembourg exchange BitStamp announced last week that it would be listing Cardano. Hoskinson downplayed concerns.

“We weren’t even taken off the list,” he tweeted in response to a comment on the BitStamp list. “Ada is still on etoro and non-US customers can trade freely.”

eToro also announced that it will remove tron, the native token for the TRON Foundation of Chinese-American entrepreneur Justin Sun, from the list. Tron’s price has jumped from 3 cents to 10 cents this year and is currently the 30th largest cryptocurrency by market value on CoinMarketCap.