eToro Expands Cryptocurrency Offerings in the U.S.
On Wednesday, eToro, an online trading platform, revealed a significant expansion of its offerings in the U.S. market by incorporating 12 additional cryptocurrencies. This move marks a notable shift for the platform, as it had drastically limited its digital asset availability last year due to regulatory issues.
New Digital Assets
The newly included cryptocurrencies, such as Cardano, Dogecoin, XRP, and Shiba Inu, increase the total number of digital assets listed on the U.S. platform from a mere three to a more robust 15. Previously, the only cryptocurrencies available were Bitcoin, Ethereum, and Bitcoin Cash, following a settlement reached with the U.S. Securities and Exchange Commission (SEC) in 2024.
Leadership Insights
Andrew McCormick, the Head of eToro in the U.S., emphasized the careful evaluation that went into this decision. In a conversation with Decrypt, he expressed optimism about the timing, especially in light of a recently conducted IPO roadshow that aims to achieve a valuation of up to $4 billion.
“There’s a lot of excitement, lots of opportunity, and we think it’s going to be a real win for customers,”
eToro’s Position in the Market
eToro boasts a user base exceeding 40 million across 75 countries, and although it had to scale back its U.S. cryptocurrency operations temporarily, it still ranks as one of the largest multi-asset trading platforms worldwide. Interestingly, cryptocurrency transactions accounted for 37% of its trading revenue in the first quarter of 2025.
Regulatory Challenges and Future Prospects
The recent expansion is seen as part of a larger strategy to enhance its footprint in the U.S. amid a shift toward a more favorable regulatory environment under the current administration. Earlier, in September 2024, eToro’s legal troubles led to a settlement with the SEC, where the platform was accused of functioning as an unregistered broker-dealer and clearing agency when it offered certain cryptocurrencies classified as securities.
The resolution involved a $1.5 million fine and a significant reduction of their crypto offerings, leaving only three of the original 74 available tokens.
Forward-Looking Statements
McCormick clarified that while the settlement was voluntary and did not require eToro to admit any wrongdoing, it enabled the platform to reassess its asset listings moving forward.
“As part of that voluntary process, we decided to take some assets off the platform, but the settlement also gave us the ability to add assets on the platform when we thought the time was right and appropriate,”
