eToro announces Tangany as new crypto custodian for customers in Germany
eToro Germany has announced that the custody of crypto assets for eToro customers in Germany will be handled by Tangany GmbH.
Tangany is a Munich-based crypto custody service provider supervised by the German Federal Financial Supervisory Authority (BaFin).
As of January 21, 2024, all crypto assets held in custody by eToro Germany at that time will be transferred to Tangany for custody and eToro Germany will no longer provide custody services for crypto assets. After the transfer of custody of your crypto assets to Tangany, you will still be able to sell or transfer your crypto assets to another custodian via the eToro platform. Please note, however, that if you transfer crypto assets to another custodian, you will no longer be able to sell them via the eToro platform.
If you do not wish to use Tangany’s custody services, you have the option of either selling your crypto assets via the eToro platform by 21.01.2024 or transferring them to an external wallet via your eToro wallet by 15.01.2024.
The transfer of crypto assets will begin on 21.01.2024 and is expected to be completed no later than 29.01.2024. You will not be able to dispose of your crypto assets during this time.
For technical reasons, the following four crypto assets will not be transferred to Tagany: NEO, FIL, THETA and LUNA. If you hold crypto assets in these four currencies, you can sell them or close your positions until 20.01.2024 at 23:59 CET. Otherwise, these crypto assets will be sold at market value even without your consent after the aforementioned date and the proceeds will be credited to your eToro account. You will be charged the usual fees for this sale.
Since a transfer of (M)IOTA is also not possible for technical reasons, eToro is offering its German customers the option to convert them into Wrapped IOTA on the Binance Smart Chain. These crypto assets can then be transferred to Tangany as wrapped IOTA. If you agree to this, you do not need to do anything else. However, if you do not want this conversion, eToro will ask you to sell your (M)IOTA by 20.01.2024 at 23:59 CET. Otherwise, these crypto assets will be sold at market value even without your consent and the proceeds will be credited to your eToro account. This will be subject to the usual fees associated with a sale.