- Crypto volumes on the online brokerage skyrocketed in November.
- EToro agreed to a settlement with the SEC to delist most cryptocurrencies in the US in September.
- Yoni Assia said that relisting those tokens isn’t out of the question.
In a sign of bullishness among retail investors, crypto trading volume soared more than 500% in November on eToro, the online brokerage site, compared to the same month in 2023, CEO Yoni Assia told DL News on Tuesday.
Propelled by the November 5 election of the pro-crypto Donald Trump, the broad-based crypto rally is posting fresh records every week.
On December 5, Bitcoin crested $100,000 and the market value of cryptocurrencies now tops $3.6 trillion, according to CoinGecko.
“Every time there’s an all-time high, we see a huge spike in the engagement of customers,” Assia said in an interview on the sidelines of Abu Dhabi Finance Week.
EToro, a 17-year-old Israeli company with 38 million registered users, provides trading in stocks, ETFs, and crypto.
Investors on Robinhood, another online brokerage, also piled into crypto in the same period.
Volumes increased 400% from October to November, the company said in a filing.
And, in November, total crypto trading volume across the industry broke $10 trillion for the first time, according to CCData.
The volumes on fintech brokerages such as eToro and Robinhood are important metrics because they show the level of interest among retail investors.
The influx of trader interest in digital assets is bound to spur fintech platforms to take crypto more seriously.
Stripe, the payments Goliath, announced a planned acquisition of stablecoin infrastructure provider Bridge for $1.1 billion in October.
And Revolut, the UK-based fintech firm, is planning the launch of its own stablecoin, reported Bloomberg in September.
SEC settlement
Unlike fintech firms that are newly dipping their toes in crypto, eToro first listed Bitcoin as a tradeable asset 10 years ago. Since then, eToro has expanded the number of tokens on its platform to more than 120.
Yet, in September, the company settled a case with the Securities and Exchange Commission for $1.5 million and agreed to remove all cryptocurrencies available for US customers except for Bitcoin, Bitcoin Cash, and Ether.
The SEC alleged the company was operating as an unregistered broker and clearing agency.
Assia told DL News the settlement doesn’t preclude the company from relisting assets in the US again — especially if the incoming Trump administration relaxes crypto enforcement, which is widely expected.
“The settlement just states that we stopped trading,” he said. “We could restart trading based on whether there’s any clear regulatory change.”
Regardless of its stateside crypto ambitions, eToro may have a more prominent presence in the US in 2025.
The online brokerage has tapped Goldman Sachs to help the company go public as early as the second quarter, reported Bloomberg.
When asked about his company’s plans for an initial public offering, Assia declined to comment.
Ben Weiss is DL News’ Dubai Correspondent. Got a tip? Email him at bweiss@dlnews.com.
