eToro Delistings
Crypto is about moving forward and leaving behind the old ways that clearly don't work. And what you are seeing is another wannabe crypto company folding to the wishes of the good old banks, old money, and people who just don't understand crypto.
US based crypto exchange eToro announced today, without warning these projects, that they would be delisting Cardano and Tron from their exchange. Is eToro aware of something much bigger on how incoming regulation is going to effect their business? Are they jumping the gun or does eToro know something that the other US crypto exchanges don't?
Whatever data eToro used to make this decision, you can bet that every other US crypto exchange has their eyes on the same thing. This news is much more important than just how it could possibly effect the price of these two tokens. Even if you are not a holder or even dislike these two tokens, this news has major implications for all US Based exchanges and any token currently listed on them or with plans in the future to be listed.
However, I have another reason as to why we might be seeing this move. Put on your tinfoil hats and join me while I ramble out what I think is really going on here.
eToro announced recently that they would be going public. Interestingly though, rather than going through a traditional IPO, they chose to combine with a special purpose acquisition company (SPAC) named FinTech Acquisition Corp. V (NASDAQ: FTCV). I believe that their decision to delist Cardano and Tron was directly influenced by this SPAC because the closing of the transaction remains subject to various closing conditions, including the approval of FinTech V’s shareholders.
My guess is that eToro made this decision because of FinTech V's shareholders or because of one or more of several institutional investors that came along with this deal. ION Investment Group, Softbank Vision Fund 2, Third Point LLC, Fidelity Management & Research Company LLC, and Wellington Management.
I think that the decision to not go the route of a traditional IPO has caused eToro to become beholden to shareholders and institutional investors that don't understand crypto. Decisions are being forced on them from the side of traditional finance that a true crypto institution should not be getting into bed with.
Crypto is about moving forward and leaving behind the old ways that clearly don't work. And what you are seeing is another wannabe crypto company folding to the wishes of the good old banks, old money, and people who just don't understand crypto. It's their last ditch effort to get on board since they were and continue to be slow to adopt. It's their last ditch effort to remain in control, powerful, and rich. And in my very humble opinion, you should close your account and move to another platform immediately.
There are plenty of US based crypto exchanges to chose from. You should try as many as you can and I suggest even if you don't use the others as your primary trading account, you should have at least 2 other accounts on exchanges that your ID has already been approved on. We've seen in the past major delays going through the KYC process. Don't put yourself in a position where you can't immediately access your money. That's what banks are for.