eToro limits transfers from eToro Money crypto wallets for US clients
Due to the Travel Rule requirement in the USA, online broker eToro is limiting the amount users from this country may send from their eToro Money crypto wallet to another third-party wallet to $2,999 per transaction. For residents of Arizona, New Mexico and Oklahoma, the limit per transaction is $999 per transaction.
The Travel Rule is a FinCEN regulation that requires financial institutions to share user information to another financial institution when the user sends funds to another user.
If users try to send more than $2,999 limit, they will not be able to complete the transaction. They will receive an error message and be requested to enter a lower amount.
eToro clients can send any number of transactions providing the total amount does not exceed the $200,000 per 24 hours limit per coin. Users will be charged a network fee each time they send funds from wallet to wallet. eToro does not charge any other fee nor mark-up this fee.
For the time being,this restriction only applies to US users. Users from other countries currently have no further restrictions beyond their existing wallet send limits.
The Travel Rule only applies to money transmissions to other institutions. Transfers to the eToro Money crypto wallet from a user’s investment account are not affected.