eToro Announces Changes to Wallet Services for German Users
In a significant update affecting its German user base, online brokerage giant eToro has announced the discontinuation of its wallet services in Germany, effective January 14, 2024. This move marks a pivotal change in how German clients will manage and access their cryptoassets.
Starting January 14, eToro wallet users in Germany will face notable changes:
- Access to eToro Wallet Ceases: Users will no longer be able to access their eToro wallet, a tool previously used for managing cryptoassets.
- Restrictions on Transfers: The ability to transfer cryptoassets from the eToro account to the eToro wallet, or to any external destination, will be terminated.
- Migration of Assets to Tangany: Any remaining cryptoassets within the eToro wallet will be automatically transferred to Tangany, a renowned crypto custodian. Post-migration, these assets will be integrated into the users’ eToro portfolios. However, these assets will be limited to ‘close only’ transactions, meaning users can sell but not purchase additional assets.
For those users looking to transfer their crypto holdings to a different custodian service, eToro has provided a pathway. Users are advised to directly contact Tangany at email@example.com to facilitate any transfer requests. This collaboration with Tangany indicates eToro’s commitment to ensuring a secure and regulated environment for their users’ crypto holdings.
This update signifies a strategic shift for eToro in Germany, as the company aligns with regulatory requirements and evolving market dynamics. While the closure of the eToro wallet service may initially inconvenience some users, the partnership with Tangany is expected to provide a more streamlined and secure management of cryptoassets.
eToro’s decision reflects the ongoing evolution in the digital asset space, where security and regulatory compliance are increasingly becoming paramount. As the crypto market matures, such adjustments are anticipated to become more commonplace, ensuring a safer and more reliable environment for crypto investors.
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
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