eToro expands into stocks, crypto, and options trading for US clients with a new license received by eToro NY LLC from NYDFS for BitLicense and Money Transmitter.
Leading global multi-asset social broker based in Israel, eToro, received a license from the New York State Department of Financial Services (NYDFS) for money transfers and virtual currencies, referred to as BitLicense.
This license was obtained by eToro's U.S. subsidiary, eToro NY LLC, announced on February 21, 2023, on its official website. eToro explains in a statement on its website that clients with New York citizenship can have access to integrated virtual social investment tools. Additionally, traders can trade stocks, crypto, and other options and expand their existing portfolio once eToro NY LLC is fully operational in New York.
"Securing our BitLicense and Money Transmitter License in New York is an important milestone in the company's continued expansion of the company's business in the US. as a testament to the commitment of our team in partnering with regulators and state entities," said Yoni Assia, eToro's Co-Founder, and CEO.
eToro Expansion in the United States
According to a recent survey by eToro, it has reported that 45% of retail investors are already trading or planning to trade in crypto assets. The survey was conducted among 10,000 retail investors in 13 countries and three continents and showed that despite the ongoing bear market in 2022, some retail investors (69%) are confident in their trading instruments.