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eToro Does a Robinhood, Delists “Unregistered Securities” Tokens

eToro Does a Robinhood, Delists “Unregistered Securities” Tokens
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YEREVAN ( – Tel-Aviv-based trading platform eToro announced its plans to delist four cryptocurrencies for American customers in effect July 12: Algorand (ALGO), Polygon (MATIC), Decentraland (MANA), and dash (DASH).

eToro delists tokens under scrutiny

The platform noted that “customers can continue to hold and sell existing positions” in the noted tokens. It blamed the situation on the “recent developments,” meaning the latest altcoin prosecution from the US Securities and Exchange Commission (SEC).

We remain a supporter of cryptoassets and believe in the importance of offering our users access to a diversified range of asset classes. We are committed to working closely with regulators around the world to shape the future of the crypto industry and champion access for the ordinary investor.

said eToro representatives.

The decision came after Robinhood, a similar platform, announced it would delist Cardano (ADA), Polygon (MATIC), and Solana (SOL). Polygon answered the scrutiny, noting that the SEC’s litigation would not impact its operations much since the Network remained outside the regulator’s decision.

[Polygon has been] developed outside the US, deployed outside the US, and focused to this day on the global community that supports the network.

Polygon noted in its statement.

MATIC and ALGO stabilize despite the prosecution

Moreover, the blockchain network noted that the team ensured its actions did not undermine US laws. Polygon accepted that it “made sure MATIC was available to a wide group of persons.” However, the platform claimed that the distribution of MATIC was necessary for its network security.

Furthermore, Polygon stated that it was not fazed by the SEC’s actions since the global or “non-US” market presented a much bigger opportunity for growth than the US. The Ethereum-scaling platform appreciated the work done globally by non-US regulators and policymakers.

Interestingly, Polygon promised users “exciting tech announcements” in the coming week.

As a result of the litigation, the bears dumped the MATIC price by 45% on June 5-10. However, the token price stabilized in the previous three days, reaching $0.64 in the Asian-Pacific session on June 13.

Polygon (MATIC) daily price action. Source:
Polygon (MATIC) daily price action. Source:

Similarly to MATIC, the Algorand token shaved 40% off its price in the same period. However, ALGO stabilized on June 10 and traded at $0.11 on June 13.

Algorand (ALGO) daily price action chart. Source: etoro delisting
Algorand (ALGO) daily price action chart. Source:
Also read: Polygon Responds To SEC And Robinhood, Promises New Announcements Soon. 

Notably, the price of the noted tokens could slide further, given other platforms’ readiness to join the delisting wave. However, as of June 13, ALGO and MATIC retested key supports on the daily charts.

The post eToro Does a Robinhood, Delists “Unregistered Securities” Tokens appeared first on CoinChapter.

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