Financial services company eToro has reached a settlement with the US Securities and Exchange Commission (SEC) and will pay $1.5 million for violating securities laws in connection to its cryptocurrency business.
The settlement was agreed upon without eToro admitting or denying the SEC’s findings. As part of the settlement, eToro will make a select group of cryptocurrencies available for trading, including Bitcoin, Bitcoin Cash, and Ether.
The SEC’s Director of Enforcement, Gurbir S. Grewal, stated that by removing tokens offered as investment contracts from its platform, eToro has chosen to comply with regulatory framework and enhance investor protection.
The $1.5 million penalty reflects eToro’s commitment to stop violating federal securities laws and continue its operations in the US.
As part of the settlement, eToro has also agreed to sell all of its remaining crypto assets within 180 days.
