Why SEC Halting All Crypto Trading Except These 3 Top Coins?

In a riveting turn of events, the United States Securities and Exchange Commission (SEC) has recently stopped trading crypto assets on the American arm of Israel-based multi-asset company eToro. The crypto platform currently allowing trading of only three cryptocurrencies following the recent crackdown. As the regulatory body continues its crackdown on digital assets, this move sparked severe concerns among US crypto investors.

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.

Meanwhile, 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.

The three coins currently available for trading on the platform are Bitcoin, Bitcoin Cash, and Ethereum. The trading platform clarified that it would offer users 180 days to sell all other assets on the platform from the date of the SEC’s order issuance.

Meanwhile, 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.

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 (ETH) price slipped 0.44% at the time of reporting, resting at $2,349. ETH’s intraday low and high were $2,316.16 and $2,372.44, respectively. The coin’s intraday trading volume dipped 30.14% to $10,682,587,185.

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.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.