eToro (NASDAQ:ETOR) says New York residents may not trade crypto on their platform.
In a release, the company said the change follows years of working with regulators, including securing both the New York State BitLicense and Money Transmitter License.
In 2024, eToro settled with the Securities and Exchange Commission for $1.5 million for acting as an unregistered broker-dealer and clearing agency. This necessitated the company to remove most crypto from its US platform and renegotiate its regulatory stance.
eToro now offers access to crypto in 48 US states.
“New York is the epicenter of financial markets and a hub of innovation. Completing our US footprint here is both a strategic milestone and a reflection of our commitment to broadening responsible access to the next generation of financial markets,” said Andrew McCormick, Head of eToro US.
eToro reports supporting 40 million registered users from 75 countries
