eToro obtains New York BitLicense and Money Transmitter license
Online broker eToro announced today that the New York State Department of Financial Services (NYDFS) has approved its subsidiary, eToro NY LLC’s, application for its money transmitter and virtual currency licenses, the latter also known as the BitLicense.
Once eToro NY LLC is operational, users in New York State will have access to eToro’s virtual portfolio, integrated social investing tools and be able to trade stocks, crypto and options.
Yoni Assia, Co-founder and CEO of eToro, commented:
“Securing our BitLicense and Money Transmitter License in New York is a key milestone in the continued expansion of our US business and a testament to the commitment of our team in partnering with regulators and state entities. eToro combines the community led approach of social media with intuitive investing tools and prides itself on the simplicity of its user experience. On eToro users can learn, practice, invest and share ideas.”
Lule Demmissie, CEO of eToro US, said:
“The right time to start investing is always now and we are incredibly excited to bring eToro’s unique proposition to the residents of New York State.
eToro believes that the secular trend that has powered the growth of the individual trader and investor will continue. Yes, engagement has fallen from the crazy highs of 2021, but we still see growing participation. The overarching story remains one of individual empowerment with ordinary investors accessing a wide array of instruments including crypto, stocks and options.
eToro remains a long-term supporter of crypto and diversified investing at large. Earning the badge of an ‘innovator’ means working closely with regulators, both in the US and globally, to shape the future of the crypto industry and champion access for the Main Street investor.”