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Hoskinson Fights Back as eToro Delists Cardano

On Tuesday, cryptocurrency exchange eToro made the announcement that it is delisting two major assets from its platform. Via a blog post, the exchange announced the delisting of Cardano (ADA) and Tron (TRX). Customers of the platform also received an email informing them of this latest development.

The exchange said that US users are mainly the ones to be affected by the delisting of the digital assets which will happen in what looks to be a multi-phase delisting starting December 26th, 2021. First, US users will not be able to open up new positions in Cardano (ADA) and Tron (TRX), while still being able to close their positions. Staking features for US users for both cryptocurrencies will also be removed and a final account settlement will take place on January 15th, 2022.

With regulatory concerns growing and to maintain compliance with the regulatory environment, exchanges are making bold moves. eToro cited the “evolving regulatory environment” as the reason behind their latest decision.

Cardano founder Charles Hoskinson was quick to react and shared his thoughts in a 13 minute video shared with his Twitter followers. the development.

In his message. Hoskinson assured investors there are no liquidity concerns whatsoever and warned for fake news going around:

“Everything’s fine. Cardano is fine. Liquidity is improving – don’t allow people to spread fear, uncertainty, and disinformation.

…ADA has more liquidity than almost every other cryptocurrency.”

Hoskinson made it clear not to appreciate eToro’s latest move and stressed the fact that the exchange is only a small player in the crypto space. While eToro, good for only $67 billion trading volume a day, delisted ADA, it was Bitstamp, around ten times the size of eToro, that has now listed ADA for trading. In his video the Cardano founder said:

“It’s not a trend of anything significant. It just seems an adjustment of the risks and controls of policy of a particular European entity, and liquidity got clipped there for US participants. However, another exchange which is larger, right at the same time, Bitstamp, listed ADA. It’s under the same regulatory structure as the others, and they have US customers.”

Following the announcement, Cardano’s price dropped and is currently trading around 5% lower since at $1.69 according to CoinMarketCap.

The post Hoskinson Fights Back as eToro Delists Cardano appeared first on iGaming.org.

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Author: Peter Siu