eToro announced they will scale back their non-leveraged crypto CFD trading services in France and Australia. Clients have until February 19 in Australia and February 21 in France to close their positions. “Any open non-leveraged long CFD positions on crypto assets after these dates will be closed at the current market price,” eToro informed traders. Non-leveraged physical crypto trading, however, will still be available in both countries, with eToro advising on transitioning from CFD to real asset positions.
eToro drew attention to the advantages of owning actual crypto assets, stating, “Holders of real crypto assets will avoid overnight fees, which apply only to CFDs.” Despite the restrictions, eToro will maintain the offering of DASH and ZCASH as CFDs exclusively in France. “Your non-leveraged long positions in DASH and ZCASH CFDs will not be forced to close but can stay operational,” stated eToro regarding these specific assets.
Ongoing Adjustments
eToro is continuously recalibrating its cryptocurrency services across the globe. They have scheduled to discontinue crypto custody services in Germany for local customers by the end of January 2024. German crypto customers will be transitioned to Tangany, a licensed crypto custodian based in Munich, starting January 21, 2024. “We have entered a collaboration with Tangany to ensure our German clients’ crypto assets are held safely,” eToro communicated.
eToro earlier had ambitions to become publicly traded through a merger with a special purpose acquisition company but has since withdrawn these plans. The brokerage, however, is fortifying its regulatory framework with licenses across Europe and the Middle East.
