eToro, one of the leading global trading platforms, has reached a settlement with the U.S. Securities and Exchange Commission (SEC) over charges related to its cryptocurrency offerings.

The platform has agreed to pay $1.5 million as part of the settlement and will be restricting its cryptocurrency trading services in the United States. This move comes as the SEC continues to scrutinize cryptocurrency platforms operating within the U.S. to ensure compliance with financial regulations​.

The settlement is a result of the SEC’s growing regulatory pressure on trading platforms involved in cryptocurrencies.

The SEC had raised concerns that eToro’s crypto offerings, particularly certain tokens traded on the platform, might fall under the classification of securities. By agreeing to the settlement, eToro is seeking to avoid prolonged legal battles while maintaining its global operations.

As part of the settlement, eToro has committed to reviewing its crypto-related products and ensuring they align with U.S. securities laws. This will affect a significant number of U.S.-based users, who may have to look for alternatives to trade cryptocurrencies​.

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