eToro, an Israeli social trading and multi-asset brokerage company, has announced it will remove trading with cardano (ADA) and TRON (TRX) for all its eToro US clients starting on December 26, 2021.
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The company also said in a blog post users will not be able to receive staking rewards for these assets starting December 31, 2021. The final reward payout going to users in USD is scheduled for January 15, 2022. eToro says the decision has been made due to "business-related considerations in the evolving regulatory environment." The company noted users will still be able to hodl existing positions of ADA and TRX.
The Tel Aviv-based company added that in Q1 of 2022 it will also limit the selling of holdings in ADA and TRX.
"This will not happen for at least 30 days after we offer support for redeeming your ADA and TRX coins to the eToro Money crypto wallet. We will notify you before this happens," the announcement says.
The move comes after Nikkei reported that Japanese officials initiated a series of investigations against dozens of Cardano network investors over alleged tax evasion. According to the local news outlet, the crypto investors failed to pay as much as $12.6 million in taxes.
Earlier in November, TRON announced the launch of a new $1,111,111,111 ecosystem fund designed to entice developers to its network of blockchains and services. The fund aims to sponsor multiple activities including decentralized finance (DeFi), non-fungible tokens (NFTs), and stablecoins on the TRON ecosystem. eToro added support for staking ADA and TRX in October 2020. The service emphasized it was one of the first regulated platforms to allow ADA staking in the crypto community.
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