eToro secures New York BitLicence

eToro research showed that 45% of American retail investors currently or plan to invest in crypto

Investment platform eToro has secured its money transmitter and virtual currency licences from the New York State Department of Financial Services. 

The licences will allow its subsidiary eToro NY to offer users in New York the ability to trade stocks, crypto and options. The virtual currency licence is also known as a ‘BitLicence’. 

The move to New York comes as eToro research shows that 45% of American retail investors currently or plan to invest in crypto. 

Yoni Assia, co-founder and chief executive officer of eToro, commented: “Securing our BitLicence and money transmitter licence in New York is a key milestone in the continued expansion of our US business. 

“eToro combines the community led approach of social media with intuitive investing tools and prides itself on the simplicity of its user experience.” 

Lule Demmissie, chief executive officer of eToro US, said: “eToro believes that the secular trend that has powered the growth of the individual trader and investor will continue.  

“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.” 

Founded in 2007, the Israel-founded startup also holds licences in Europe, the UK, Australia and Seychelles. 

Image: © Joecho-16 via Canva

Read more about eToro: eToro acquires portfolio management provider Bullsheet

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.