Categories: Market

In the midst of stagnating prices, eToro is throwing a delist bomb on Cardano and Tron in the US

In one notification to customers on Tuesday, the Israeli cryptocurrency exchange eToro announced that it will delist Cardano (ADA) and Tron (TRX) in the US later this year.

After December 31st, US users will no longer be able to open new positions and stake ADA and TRX. Additionally, the wallet will be in effect in withdrawal-only mode until the first quarter of 2022, while sales will be restricted. EToro cited regulatory concerns related to both assets as the main reason behind the decision.

The move came as a surprise to some as the ADA traditionally had nothing to do with regulatory issues. With this in mind, tokens such as XRP, whose parent company is involved in a lawsuit with the Securities and Exchange Commission (SEC), and Monero, a data protection coin that some fear may be misused for illegal purposes, are under regulatory scrutiny in of the cryptocurrency industry.

ADA has seen a rapid bull run this year and is currently ranked in the top 10 cryptocurrencies by market capitalization. In the last quarter, Charles Hoskinson, the founder of Cardano, announced a partnership with the blockchain analytics provider Confirmation of Compliance with regulatory frameworks such as the anti-money laundering directive. The move was supported by some ADA advocates who wanted the project to be made more decentralized.

Meanwhile, TRX has been quiet year-round with lackluster price movement and little development or marketing. Father Justin Sun almost “disappeared” as the drama spent $ 4.6 million booking lunch with billionaire Warren Buffet. At the time of writing, TRX is moving sideways near $ 0.1, up a slight 0.5%.

TRX / USDT (left) and ADA / USDT (right). Source: TradingView

Companies operating in the blockchain industry often receive a lot of pressure from regulators when it comes to delisting coins or discontinuing certain services. In September, Coinbase abandoned its plans for a crypto lending platform after the SEC threatened to appear in court. For now, however, the proliferation of decentralized exchanges and defi logs offers popular alternatives for those looking to legally circumvent similar raids.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.