TLDR
- eToro launched crypto trading in New York more than three years after receiving a BitLicense.
- The platform initially featured approximately 20 tokens and plans to add more over time.
- eToro said staking for New York users is in the pipeline after regulatory updates.
- Andrew McCormick said eToro was the first firm licensed after FTX collapsed.
- eToro still does not offer crypto in Hawaii and Nevada, McCormick said.
eToro has launched crypto trading in New York, more than three years after receiving a BitLicense. The move brings the platform into one of the strictest U.S. crypto markets. It also gives New York clients access to digital assets on eToro’s U.S. platform.
The company will begin with about 20 tokens that fit New York’s current rules. It plans to add more tokens and staking after further approval. Andrew McCormick, head of eToro U.S., said the launch took longer than expected.
eToro starts with a limited New York token list
In most other markets, eToro offers about 115 crypto assets to users. New York clients will see a smaller list because state rules are tighter. McCormick told The Block that more listings should arrive over time. That phased launch reflects the state’s strict approach to approved crypto assets.
The launch also supports eToro’s broader investing model in the United States. Outside New York, the platform offers stocks, ETFs, indices, currencies, and commodities. That mix remains part of the company’s strategy as it expands crypto access. For eToro, crypto now sits beside other products for New York users.
Staking is also planned for New York, although it is not available yet. McCormick said eToro discussed that product with the New York regulator. He said new product plans must be added to the firm’s agreement. For now, the company has not given a date for staking.
BitLicense approval did not lead to an immediate launch
New York granted eToro a BitLicense in February 2023, according to state records. The license is required for many crypto business activities in the state. Since the framework started in 2015, fewer than 40 firms have received one. BitLicense holders must meet strict compliance and oversight standards before operating.
Not every licensed firm begins operating in New York after getting approval. Some firms create separate legal entities for the state, and others stay out. Kraken is one example of a crypto company that does not operate there. That makes New York one of the hardest U.S. markets for crypto firms.
McCormick said eToro expected to launch much sooner after receiving the license. “We were looking at maybe that year to launch,” he said. He also said the company knew it would not be a day-one switch. The delay shows how licensing and product rollout can move on different timelines.
FTX fallout and wider U.S. rules shaped the timing
McCormick said eToro was the first firm to receive a BitLicense after FTX collapsed. He said the company was already near the finish line at that point. After FTX failed, he said, the review faced more scrutiny and more diligence. He said eToro cleared those checks through its compliance and customer protection record.
He also said eToro was not rushing into New York during the Biden administration. He described that period as less friendly for crypto business growth in the country. He added that the firm was also focused on its public offering last year. He said the company now has positive engagement with New York regulators.
McCormick said varying state rules still make U.S. crypto operations harder to manage. He noted that eToro does not offer crypto in Hawaii and Nevada. He said federal proposals, including the Clarity Act, could create a more consistent framework. “I would rather have B-plus legislation rather than none,” he said.
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