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Why Etoro is Delisting Cardano

From January 1, 2022, eToro will no longer list Cardano ADAfor customers in the US.

Why Etoro is Delisting Cardano iBase Trading.
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From January 1, 2022, eToro will no longer list Cardano ADAfor customers in the US.

Wallets will effectively be in take-out or shall we say, withdraw mode only in the first quarter of 2022.

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Why Does eToro Exclude ADA?

eToro stated that it excluded Cardano ADA because of nonsupervisory enterprises about the crypto. The Israeli crypto exchange stated that it would also exclude Tron or TRX. The action is surprising because the currency isn’t usually on authorities’ radars.

According to Cointelegraph, the value of ADA skyrocketed in 2021, and it now stands among the top ten cryptos by market capitalization.

Cardano’s inventor, Charles Hoskinson, had revealed months before that the business was collaborating with blockchain analytics startup Confirm to guarantee the currency conformed to financial rules such as anti-money laundering standards.

What is ADA?

Hoskinson, a co-founder of the prominent cryptocurrency Ethereum established Cardano, a private blockchain platform. It was introduced in 2015. Cardano’s cryptocurrency, ADA, was established in 2017. Cardano is a proof-of-stake cryptocurrency that uses the Ouroboros consensus system to operate.

According to Investopedia, the platform has attempted to market itself as an Ethereum alternative. It is largely an upgraded version of Ethereum, with the goal of providing financial services to the crypto community.

Following a 154 percent surge that began in mid-July, ADA hit an all-time high of $2.56 in August of 2021.

The price has defied the predictions of analysts who projected its demise. It comes as India considers laws to make private cryptocurrency illegal.

The Reserve Bank of India would be in charge of regulating cryptos like Bitcoin and Ethereum under the Cryptocurrency and Regulation of Official Digital Currency law.

In fact, on November 23, New Delhi issued a new bill prohibiting all private cryptos. It comes as India’s Prime Minister, Narendra Modi, stated that all democratic nations must work together to ensure that cryptocurrency “does not wind up in the wrong hands, spoiling our youth.”

The new law, which will pass in the next session of parliament, will include several exclusions in order to encourage the blockchain technology that underpins most of the currency.

According to two persons familiar with the situation, the government is considering classifying cryptocurrency as an asset class rather than a currency.

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Nicholas Martinez is passionate about making the crypto world more accessible by bringing the latest news to the space. He has a MBA in Business Analytics and has shown an interest in cryptocurrency from as far back as he can remember.