Why the SEC Halts All Crypto Trading Except These 3 Top Coins

Here’s Why the SEC Shuttered All Crypto Trading On eToro Except 3 Coins

According to an official SEC press release, “eToro USA LLC has agreed to pay $1.5 million to settle charges that it operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities.” In light of the recent provision, the American arm of the Israel-based multi-asset company has ceased crypto trading for all assets except three renowned coins in the States.

The SEC’s order cites that the crypto trading platform violated federal securities laws and operated as a broker and clearing agency since 2020. Subsequently, eToro publicly announced it will halt trading of all crypto assets except three coins.

Bitcoin, Bitcoin Cash and Ethereum Coins Performance

At press time, BTC price illustrated a highly turbulent movement, up marginally by 0.04% to $58,143. The coin’s 24-hour low and high were $57,354.41 and $58,534.36, respectively. BTC’s 24-hour trading volume noted a 19.60% decline to $29,911,624,056 today.

Simultaneously, Ethereum price slipped 0.44% amid the recent backlash, with the price currently trading at $2,349. The intraday low and high are $2,316 and $2,372, respectively. The coin’s intraday trading volume dipped 30.14% over the last day.

Bitcoin Cash (BCH) price dropped nearly 2% in the past 24 hours and is currently trading at $329. The coin’s intraday low and peak were $327.96 and $335.88, respectively. BCH’s 24-hour trading volume plunged 27.30% to $154,523,166 today.

U.S. SEC vs Binance Case Developments

In another legal showdown, the U.S. SEC vs Binance case saw new developments. The regulatory body filed a motion for leave to amend the original complaint regarding the use of “crypto asset securities,” sparking discussions across the crypto community.

Conclusion

In conclusion, the SEC’s decision to halt all crypto trading on eToro except three top coins has sent shockwaves through the crypto community. The regulatory body’s strict enforcement of federal securities laws has led to the platform’s decision to cease trading of all assets except Bitcoin, Bitcoin Cash, and Ethereum. As the crypto market continues to evolve, it is essential for investors to stay informed about regulatory developments and their potential impact on the market.

FAQs

Q: Why did the SEC halt all crypto trading on eToro?
A: The SEC halted all crypto trading on eToro due to the platform’s violation of federal securities laws and its operation as an unregistered broker and clearing agency.

Q: Which three coins are still available for trading on eToro?
A: Bitcoin, Bitcoin Cash, and Ethereum are the only three coins still available for trading on eToro.

Q: What is the current performance of these three coins?
A: The current performance of these three coins is as follows: BTC is up 0.04% to $58,143, ETH is down 0.44% to $2,349, and BCH is down nearly 2% to $329.

Q: What are the implications of the U.S. SEC vs Binance case?
A: The implications of the U.S. SEC vs Binance case are significant, as it highlights the regulatory body’s strict enforcement of federal securities laws and its willingness to take legal action against companies that violate these laws.