eToro obtains BitLicense  and money transmitter license in New York

Retail broker eToro has announced it has gained approval from New York State Department of Financial Services (NYDFS) for its subsidiary, eToro NY LLC, for money transmitter license and virtual currency license, also known as BitLicense.

Once eToro’s business is operational, users in New Your will gain access the firm’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:

Yoni Assia, eToro

Yoni Assia
Source: LinkedIn

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.

According to recent research by eToro based on a survey of 10,000 retail investors across 13 countries, 5% of American retail investors say they currently invest or plan to invest in crypto. The same research shoes that the bear market does not stop investors and they are looking for opportunities, while also hedging in case prices fall further.

Lule Demmissie, CEO of eToro US, said:

Lule Demmissie, eToro US CEO

Lule Demmissie

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.

Demmissie went on to reaffirm eToro’s commitment to crypto and diversified investing and noted that the firm is working “closely with regulators” in the US, as well as globally to help shape the crypto industry’s future.

Earlier this year, eToro announced launching a new AI-powered portfolio, InvestorAI-US, which provides investors with exposure to 12 high growth US companies.


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