Investing Platform eToro to Delist 4 Cryptocurrencies for U.S. Users Next Month

Social investing platform eToro will delist a selection of crypto token for its U.S. customers in a month's time in response to recent legal action by the U.S. Securities and Exchange Commission (SEC).

From July 12, U.S. customers will no longer be able to open new positions in the tokens of Algorand (ALGO), Decentraland (MANA), Dash (DASH) and Polygon (MATIC), eToro announced on Monday.

However, customers will still be able to hold and sell existing positions in these tokens.

The crypto platform cited "recent developments" as the reason for the move, referring to the SEC's legal action against crypto exchanges Coinbase and Binance and the regulator listing certain cryptocurrencies as securities.

In taking this action, the platform is following Robinhood (HOOD), which delisted Cardano's ADA), Solana's SOL and MATIC last week.

Read More: SEC Crypto Crackdown Adds Urgency for U.S. Lawmakers to Produce Regulatory Framework This Year: JPMorgan