eToro applies several restrictions on its cryptocurrency services offered in France

eToro has put in place a series of restrictions on its cryptocurrency services offered in France for new and existing users. For example, new users will not be able to buy and hold cryptocurrency.

Several restrictions

The new French users eToro recorded on the trading platform after 31 December 2020 will not be able to conclude cryptomonnaies related operations.

In accordance with French law, eToro has applied to the Autorité des marchés financiers (AMF) for registration as a Service Provider on Digital Assets ( PSAN ). Pending the finalization of this registration, eToro has put in place a series of restrictions on its cryptocurrency services offered in France .

In addition, it is also likely that eToro’s decision echoes the recent tightening of regulations in France on identity verification procedures on exchanges.

According to the announcement , former eToro users can continue to buy, sell and hold cryptocurrency on eToro.com. However, as of December 31, 2020, transactions concluded within the framework of CopyPortfolio activities will be limited and may no longer relate to digital assets. CopyPortfolios already open will not be affected.

As of January 24, 2021 , operations within the framework of CopyTrading activities will be suspended for all users in France.

The eToroX exchange also affected

The eToroX exchange platform will be severely limited for customers in France whether they are new customers or existing customers. eToro will individually contact all users of the eToroX exchange in France in order to organize the return of their assets .

Designed specifically for businesses and institutions, eToroX is eToro’s professional platform , combining cryptocurrency and other financial assets like Forex.

Earlier this week, eToro has followed the lead of several exchanges in suspending the trading of XRP following allegations the US financial policeman. These restrictions apply only to US users .