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eToro Gains Significant Crypto Approval from Cyprus Financial Regulator

by BlockNews Team
September 22, 2023
in BUSINESS, CRYPTO, FEATURED
Reading Time: 3 mins read
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  • Cyprus Securities and Exchange Commission approves eToro’s Crypto Asset Service Provider registration.
  • This recognition allows eToro to offer regulated cryptocurrency services in the European Union starting December 2024.
  • Other global expansions and partnerships have also marked eToro’s 2023 journey, including a significant collaboration with Elon Musk’s venture X.

eToro, a renowned cryptocurrency broker, has recently secured a Crypto Asset Service Provider (CASP) registration from Cyprus’s primary financial regulator, the Cyprus Securities and Exchange Commission. The company made the announcement on September 21, underlining the critical value this registration holds for its future strategies.

Following this approval, eToro is poised to deliver regulated cryptocurrency services across the European Union. These services will fall under the eToro Europe Digital Assets division and will officially commence once the EU activates the Markets in Crypto-Assets Regulation (MiCA) by December 2024.

Hedva Ber, eToro’s deputy CEO, expressed the firm’s preparedness for the forthcoming shifts in the EU’s cryptocurrency regulations. She pointed out the notable presence of European customers in eToro’s customer base, highlighting the vital role the EU plays for the company.

eToro’s recent achievement is a testament to its ambition to increase its presence in the EU. But they aren’t alone in this journey. Bybit exchange is also expanding its operations following its CySEC certification. On the other hand, Binance took a contrasting approach by reducing its operations in Cyprus in June, choosing to focus on more prominent market regions.

In terms of its other endeavors, July 2023 marked another significant milestone for eToro in Spain. The nation’s central bank gave its nod for the company to transition virtual into fiat currency and also provide digital wallet custody services. Furthermore, France’s primary finance regulator, the Autorité des Marchés Financiers, acknowledged eToro’s status as a reliable digital asset service provider.

In addition to regulatory recognitions, eToro also made waves in the social media space. In April 2023, the firm joined hands with Elon Musk’s venture X, formerly known as Twitter. This alliance is set to facilitate cryptocurrency and stock trading within the widely-used social media platform.

Yet, like any significant company navigating complex markets, eToro has had its challenges. A recent stumbling block appeared when the Australian Securities and Investments Commission (ASIC) initiated legal proceedings against eToro in August. ASIC expressed apprehension over eToro’s offering of certain “volatile” trading products to its clientele.

eToro Faces Scrutiny Over Past Decisions

As the cryptocurrency landscape continues to evolve, several trading platforms have come under public scrutiny for their operational approaches. Among them is eToro, which has been criticized for its highly centralized nature. Industry watchers and traders alike cite concerns over the platform’s control mechanisms.

One of the most notable incidents fueling this sentiment is the 2021 event where eToro froze Dogecoin withdrawals. The decision left a lasting impression, with many in the crypto community still holding reservations about the platform’s commitment to user autonomy.

In addition to these concerns, eToro has faced critiques regarding its relatively limited cryptocurrency offerings. While other platforms have expanded their listings, eToro has been slower in diversifying its options. Another point of contention has been the platform’s copytrade feature, with users expressing frustrations over not having sufficient control over such trades. 

These combined factors have raised questions about eToro’s future in an increasingly competitive market, where user trust and flexibility are paramount.

Tags: CASPCypruseToro
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