TL;DR Breakdown:
- eToro will delist Cardano (ADA) from its platform from December 26.
- ADA holders can withdraw the altcoin until Q1 2022.
- Cardano CEO Hoskinson says it won’t cause liquidity problems for ADA.
- A bigger crypto exchange, Bitstamp announced the listing of ADA.
The Israeli stock and crypto exchange eToro has announced that the platform will remove popular altcoin Cardano (ADA) for US traders after Christmas. eToro reported that their decision is based on regulatory concerns.
Users who already own ADA on eToro wallets can only withdraw the currency until the first quarter of 2022. Selling will also become limited. TRON will also suffer the same fate as Cardano, as TRX will also be delisted from eToro’s US platform.
Cardano isn’t used to regulatory troubles
When any popular crypto exchange talks about delisting a coin, ADA isn’t usually the first name that comes up. Cardano is popular for its emphasis on user security and privacy. The blockchain network waited years before introducing the smart contract feature to ensure that it fits its user security framework.
Cardano’s CEO Charles Hoskinson emphasized that the blockchain will always continue to have a safety-first approach, and won’t rush into adding any new features or updates. In fact, ADA has been trading continuously for more than 4 years, without a single hour of downtime on its network.
Just yesterday, ADA reached the milestone of over 20 million transactions. So, eToro’s announcement came as a surprise for the altcoin’s users and developers. Hoskinson posted a video on Twitter stating that he wasn’t aware of any such decision on progress. So needless to say that eToro’s decision caught everyone at Cardano by surprise.
Hoskinson says cryptocurrency regulations lack clarity
Hoskinson believes that such sudden decisions and market volatility are being caused by the systemic lack of clarity in cryptocurrency regulations. He also mentioned that ADA won’t suffer from any liquidity problems due to eToro’s delisting.
Bitstamp, another popular exchange will be listing ADA. The Luxembourg-based crypto exchange is much larger than eToro in terms of crypto trading volumes. So, Hoskinson believes that it will easily mitigate the impact of eToro.
Hoskinson also mentions that without a global standard for cryptocurrency, the challenges will increase for traders and developers. He mentions that in Japan Cardano had to go through a massive and exhausting process of application and documentation to get ADA whitelisted, while in Europe it was a much simpler and easier process. So, a global standard for crypto can solve these regulatory hassles for users.
However, eToro’s announcement has already caused ADA to further suffer a bearish pull. The altcoin is down by almost 5% in the last 24 hours and over 10% in a week. ADA is currently trading at $1.68, at the time of writing.
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