Israeli crypto exchange eToro will delist Cardano (ADA) and Tron (TRX) by the end of the year
In a statement issued to customers on Tuesday, exchange eToro announced that it would delist Cardano (ADA) and Tron (TRX) to US customers later this year. Thus, after December 31, users will no longer trade and stake ADA or TRX.
eToro to delist Cardano by 2022 for US users due to regulatory concerns
The move surprised some users as ADA has not been typically on regulators’ radars as of late. Additionally, the wallet will remain in withdrawal-only mode until the first quarter of 2022, when sales will also become limited.
The decision, though, comes after eToro cited regulatory concerns surrounding both assets. The move came as a surprise to some because the ADA has traditionally been unrelated to regulatory troubles. Ripple is embroiled in an ongoing lawsuit with the Securities and Exchange Commission (SEC), and Monero, a security coin that some fear is vulnerable to misuse for illicit purposes, faces the brunt of regulatory scrutiny in the cryptocurrency industry.
This year, ADA has experienced a quick bull run and is currently ranking among the top 10 cryptocurrencies by market capitalization. This news seems to have had a slight effect on the ADA price. At the time of writing, ADA is changing hands at $1.685.
ADA/USD 4-hour chart | Source: TradingView
At the moment, it is unclear what legal news Cardano is entangled in. But it is not uncommon for companies operating in the blockchain industry to receive massive pressure from regulators when it comes to delisting or shutting down operations on certain services.
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