• Mon. Apr 22nd, 2024

eToro States Regulators Would Become Even More Active Towards Cryptocurrency Regulations

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Jun 29, 2021

As per the latest reports, one of the major trading platforms, which is also friendly towards cryptocurrencies has recently made a statement. According to the trading platform, it is only a matter of time the regulators become even more active towards the cryptocurrency regulations.

It was Yoni Assia, the CEO at eToro, who talked about the growth and adoption rate of the cryptocurrency industry. He spoke about how the cryptocurrency industry is constantly growing and adding more products with every passing day.

Assia also talked about how the cryptocurrency industry is constantly expanding itself among other sectors around the world. As a result, many smaller investors and retail traders are getting attracted to the platform.

Their participation is constantly growing towards the cryptocurrency industry and more products that it has to offer. This is the reason why the regulators need to and are becoming more and more active against the regulatory streamlining in the crypto-sector.

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Assia added that due to the constant and increasing involvement of the traders and investors, the regulators will start focusing more on the sector. They will start keeping a close eye on the growth of the business and adoption rate in the cryptocurrency markets.

eToro itself is a firm that has been involved in providing its users with cryptocurrency services. It is one of the major brokerages in the entire online trading industry and has been growing its business ever since its foundation.

Assia admitted that they themselves had to face a lot of problems when they started observing a huge influx of investors for the crypto-sector. The firm was overwhelmed with the number of investors and sign-up requests it was receiving for investing in cryptocurrencies.

According to Assia, in a matter of eleven days, their exchange received sign-up requests from over 380,000 requests from new users. Surprisingly, a vast majority of these investors were interested to invest in cryptocurrencies.

Assia also talked about the recent activities of the Finance Conduct Authority (FCA) that has targeted the largest cryptocurrency exchange. Just recently, the FCA had ordered Binance to stop offering any cryptocurrency-related services in the United Kingdom.

The regulator has communicated that the services will remain halted until further notice. The FCA did reveal that the exchange is currently undergoing an investigation in regard to regulatory compliance. Until the investigation has been completed, Binance is not allowed to provide cryptocurrency-related services to the locals in the United Kingdom.

Assia spoke about the current way of conduct of the regulators against the cryptocurrency industry. He stated that being aggressive towards the cryptocurrency industry is not the right approach from the regulators’ end.

He stated that the regulators need to become more flexible and understanding towards the cryptocurrency industry.

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