Discover eToro crypto trading restrictions in France, Australia, and custody shift in Germany. Stay updated on global financial changes.
Discover eToro crypto trading restrictions in France, Australia, and custody shift in Germany. Stay updated on global financial changes.
eToro has announced restrictions on non-leveraged crypto trading in France and Australia. Instructions mandate traders to close long positions in non-leveraged crypto CFDs before the February 19 (Australia) and February 21 (France) deadlines. Any remaining open positions will automatically close at market value.
Despite these restrictions, eToro will continue to support non-leveraged long positions with DASH and ZCASH CFDs in France. The brokerage is actively reshaping its cryptocurrency offerings on a global scale. Notably, eToro has been undergoing changes in its German entity, which recently announced the cessation of crypto custody services for users in Germany by the end of January 2024. German clients will be transitioned to Tangany, a Munich-based BaFin-licensed crypto custodian.
eToro also provided guidance to traders on maintaining their positions by transitioning from crypto CFDs to physical non-leveraged crypto trading. A significant advantage highlighted by eToro is that traders holding positions against real crypto assets will no longer incur overnight fees, as these fees only apply to CFD positions.
It’s noteworthy that eToro had previously attempted to go public through a merger with a blank-check company, but those plans did not materialize. Despite this setback, the company is actively strengthening its regulatory position by obtaining multiple licenses in Europe and the Middle East.
As part of its ongoing efforts to combat financial fraud, eToro invites participation in a joint survey conducted by FXStreet and Finance Magnates Group. The survey explores prevalent online financial fraud types, platforms used for fraudulent activities, the effectiveness of countermeasures, and the challenges faced by companies in addressing such fraud. Lastly, Valuable insights from participants will contribute to shaping future strategies and resource allocation in the fight against financial fraud.
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