eToro Launches Crypto Trading in New York

New York investment platform eToro has launched cryptocurrency trading services for residents of the state, marking the completion of its expansion to 48 U.S. states three years after receiving regulatory approval.

The company began operations this week, following the granting of a BitLicense and money transmitter license by the New York State Department of Financial Services in February 2023. New York, long considered a challenging market for crypto firms due to its stringent regulations, now allows its more than 9 million residents access to eToro's platform, which also offers stocks, exchange-traded funds and other assets. Initially, eToro will list approximately 20 digital tokens for trading, a curated selection designed to comply with state rules. This contrasts with the company's broader offerings of about 115 cryptocurrencies available in 74 countries and the other 47 U.S. states where it operates.

Andrew McCormick, head of eToro's U.S. division, described the launch as a strategic milestone. "New York is the heart of the financial markets and a hub of innovation," he said, adding that it reflects the company's commitment to responsible access to financial markets....