eToro launches crypto trading in New York…three years after obtaining a BitLicense

Global trading platform eToro has started offering virtual asset (cryptocurrency) trading services in New York.

According to The Block on the 1st (local time), eToro rolled out its crypto trading service for local users about three years after obtaining a BitLicense from the New York State Department of Financial Services (NYDFS).

Initially, eToro will support trading in about 20 virtual assets and plans to expand gradually. It is also working to introduce staking services.

Andrew McCormick, head of eToro’s U.S. business, said, “The new business plan requires product updates, and the relevant procedures are currently underway.”

Regarding the delayed launch, he said, “We didn’t think we could start immediately from the outset, but it took longer than expected,” adding, “Regulatory reviews and due diligence were strengthened after the FTX collapse, and it is meaningful that we passed them.”

eToro obtained its BitLicense in February 2023. New York is one of the strictest jurisdictions in the U.S. for virtual-asset regulation, with fewer than 40 approved operators to date.

Currently, eToro supports trading in about 115 virtual assets across 74 countries and 47 U.S. states. However, it does not offer the service in some states, including Hawaii and Nevada.

McCormick said, “The U.S. currently has different regulatory frameworks by state,” adding, “A federal-level market structure bill is needed.”