eToro Receives Approval to Offer Crypto Trading in Europe

The crypto and stocks trading platform eToro has received a regulatory green light from the European Union (EU) as more crypto firms expand into Europe.

Amid the US crackdown, Europe has become a popular destination for crypto firms. Many firms, including eToro, Galaxy Digital, and Ark Invest, have announced expansion into Europe.

eToro Latest to Offer Crypto Trading Services

According to Finextra, eToro has registered itself as a Crypto Assets Service Provider (CASP) with the Cyprus Securities and Exchange Commission (CySEC).

Europe’s Market in Crypto-Assets (MiCA) legislation received unanimous approval from all the bloc countries in May 2023. The legislation will come into force from July 2024, and eToro will be able to offer its services to all EU countries through a single entity. 

Dr Hedva Ber, the deputy CEO at eToro, said:

“Europe is a hugely important region for eToro, it’s where the majority of our users are based, and we want to continue offering to European investors direct access to a wide range of crypto assets as part of a diversified portfolio.”

Click here to read our comprehensive guide on eToro

Galaxy Digital Expands

eToro is not the only firm targeting the European market. According to the Financial Times, Galaxy Digital is expanding to the European market as it looks for a more friendly market after the US crackdown. The company first hinted at plans to shift its operations away from the US market in May 2023.

Galaxy Digital offers a wide range of services around the crypto ecosystem, such as trading, asset management, investment banking, and mining services.

Mike Novogratz-led Galaxy Digital has hired Leon Marshall as the CEO of its Europe arm. Previously, he worked as global head of sales for Genesis. Marshall wrote on LinkedIn:

“Given increasing regulatory clarity, our expanding strategic partnerships and the steady adoption of digital assets by European financial institutions, I have never been more optimistic about the prospects for our industry in the region.”

Ark Invest Targets Europe’s ETF Market

Along with Galaxy Digital, Cathie Wood’s Ark Invest is also trying to penetrate the European market. For that purpose, it acquired Europe-based exchange-traded fund (ETF) issuer Rize ETF Limited. According to Bloomberg, Ark Invest wants to capitalize on Europe’s growing ETF market.

The screenshot below from Bloomberg Intelligence shows that Europe’s ETF market is worth over $1.5 trillion.

Europe’s ETF Market. Source: Bloomberg

Cathie Wood, the founder of Ark Invest, said:

“We believe that the European ETF market presents a strong growth opportunity as new and younger investors continue to gain access to ETFs via the growth of digital platforms, and as active ETFs increase market share by meeting the demand for innovative investment exposures.”

Binance Warns of Stablecoin Delisting Due to MiCA

While major companies are looking forward to the MiCA regulation, Binance is reportedly concerned about stablecoin delistings in the European market. The European Banking Authority (EBA) has asked stablecoin issuers to follow certain guidelines voluntarily before the MiCA rules are enacted.

Speaking at an EBA online public hearing, Marina Parthuisot, Binance France’s head of legal, said:

“We are heading to a delisting of all stablecoins in Europe on June 30, given that no project has yet been approved.”

However, Changpeng Zhao, the CEO of Binance, commented “4” on the reports to indicate “Fear, Uncertainty, and Doubt (FUD).” He wrote:

“It was a question taken out of context.  In fact, we have a couple of partners launching EUR and other stable coins, in fully compliant manners of course.”

A community member believes that Zhao considers every negative news against Binance as FUD.

Click here to read our review of the Binance exchange for 2023.

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