Cardano founder Charles Hoskinson says he was’ blind’ed by eToro’s decision to remove ada for US customers | Currency News | Financial and business news

Ethereum co-founder and Cardano creator, Charles Hoskinson
Ethereum co-founder and Cardano creator, Charles Hoskinson

  • Cardano founder Charles Hoskinson said he had been “blind-sided” by eToro’s delisting of ada for US users.
  • Hoskinson said there were no regulatory events or subpoenas, threats or lawsuits that they were aware of.
  • eToro said it planned to delist ada for U.S. customers before the end of the year due to regulatory concerns.
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Cardano founder Charles Hoskinson told supporters this week Twitter that eToro’s decision to remove the ada token for US customers had come as a complete surprise to him.

eToro, an online trading platform based in Israel, said on Tuesday that it would delist ada along with the TRON Foundation’s trx token for customers in the US by December 26th. eToro first added ada to its cryptocurrency offering in 2018. The exchange told Insider the rapidly changing regulatory landscape was behind its decision to limit US customers’ ability to open new positions in the two digital currencies.

Many critics have argued that the regulatory landscape in the US for crypto is not yet clear, but officials believe regulation is needed and more policies are set to stay in place by 2022.

Hoskinson, who founded cardano in 2015, said he still needed further clarification of the trading platform’s decision to delist ada for U.S. customers.

“There is currently nothing we have received, no regulatory event, no subpoena, nothing from a regulatory agency, no threats of litigation, any of these things, that’s why we are so dazzled by it, because in fact the trend is “In the last six months, there has been a significant increase in the liquidity of Cardano,” Hoskinson said.

“On our part, we had no indication of this from eToro, and it is quite unfortunate that nothing was sent to us,” he said.

The decision beat nearly 4.8% of the value of the ada token and sent it to a three-month low, while trx fell 5% to a one-month low on Wednesday,

But ada has still been one of the best-performing cryptocurrencies in 2021. It has risen about 850% so far this year, making it the world’s sixth largest digital token in terms of market value, according to Coinmarketcap. It has fallen below the 14,000% gain in rival Solana’s solar token this year, but has rounded out bitcoin’s 102% rally.

It is a smaller competitor to the ethereum network, thanks to its ability to host smart contracts and other applications that are key to decentralized financing.

Cardanos ada has been listed by some of the major stock exchanges. It was listed on Coinbase on March 19 this year and on Binance in 2017, and Kraken listed it in 2018. Bitstamp decided to list ada last Thursday. The altcoin is not listed on Gemini yet.

“We could at least have better understood the reasons, and we will of course reach out to our side to better understand the reasons, but that is primarily the responsibility of the foundation,” Hoskinson said, referring to the Cardano Foundation, a non-profit organization in Switzerland. there is a manager of the Cardano brand.

While eToro’s decision came as a surprise, Hoskinson was ultimately sanguine.

It does not surprise me from the perspective that these things happen. Everyone has a different compliance desk. Everyone has a different regulatory tolerance. Everyone has a different customer base, “he said.

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