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Accountmanager Etoro info 29-12-2020


Modified
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(@modified)
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Just spoke to my account manager. He said that there is a reason Etoro send out that announcement and that we should not get our hopes up that they will reach a settlement with DNB before Jan 23rd. Please don't pull out your red before that time. Instead let them do it and we will figure out a way to file for class lawsuit somehow. 

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ESMC
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 ESMC
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Thank you for the input Beeerza, I am still waiting for my account manager to get back to me, but I think I can tell based on the response you got what his answer will be. Whatever I have in crypto now, mainly XRP and véry red, I will indeed keep until 23/01/21. 

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zol
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 zol
(@zol)
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I received the following:

eToro is not liable to compensate clients based on clients realizing losses due to complying with regulatory law. 

A potential way to continue the same exposure (not financial advice) would be to open identical cryptocurrency positions if possible on another platform/exchange elsewhere at exact time of closing positions on eToro. 

Should you require further assistance or information, please reply to this message.

Best regards,

Otto,
eToro Customer Service

100% Annoyed

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Modified
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@zol haha yeah of course they would say this, but in court this will not stand for a second. Fact is that they did not follow up TIMELY on national regulatory changes to be able to offer their service to a part of its Clients, and failed to notify these Clients of potential consequences on time either. On top of that, they are also litterly prohibiting any reasonable solution, but instead try to pass the negative effects on to us directly for a problem they need to resolve with the regulatory institute. They are litterly taking off their hands of everything, and pretending to not have any part in it. I'm honestly not afraid to take them to court over this because there is so much wrong with how they are handling this. I'm trying to reach out to mainstream media (newspaper) atm. Lets hope something actually comes from it, and Ill keep you all updated. See how they like when these type of responses get out in public

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Daan
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 Daan
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according to their own rules we own the underlying asset so why can`t etoro just close our accounts and send our assets to a wallet ?

 

Do I own my crypto assets?

On eToro, some positions are secured with real assets, and others use CFDs.

  • Trading real crypto assets means that we purchase the tokens on your behalf and register them in a segregated account under your name. Once the position is closed, we sell the coins on your behalf, and the invested amount +/- any profits or losses are converted to fiat currency.

  • CFD stands for Contract for Difference. CFD trading enables you to trade an asset by engaging in a contract with eToro to replicate market conditions without buying the underlying asset. Click here to learn more about CFDs. Any CFD trade will be marked 'CFD' in the trade line. 

 

The type of crypto position depends on the direction of the trade (BUY or SELL), use of leverage, and the regulation that is applicable to you. To find out which regulation your account is under, please click here.

 

For clients of eToro (Europe) Ltd:

  • All SELL (short) positions are CFDs.

  • From 3 September 2017, non-leveraged BUY (long) crypto positions are secured with real assets. Any such positions opened before this date were upgraded to real assets on 13 May 2018.

  • From 12 August 2019, BUY crypto positions with x2 leverage (excluding copy trading and CopyPortfolio transactions) are secured with the real asset. “Margin Trading” is used to leverage these trades.

 

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ESMC
 ESMC
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@daan

Perhaps because the crypto regulations have to do with preventing money laundering? Then in a way it could make sense not to allow users to quickly move their crypto away before they comply with DNB regulations. Converting it to money (liquidating the positions) and potentially having it paid out will all be registered actions and then the sold crypto assets will be accounted for by Etoro. If we move them away, I'm not sure they could track that. 

But anyway, that's why many users suggested simply freezing their crypto assets for a while until they have met the requirements for the crypto services permit. Then all is accounted for, nothing is hidden. 

My post is just speculation of course, since there is very little information Etoro actually shares.

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cryptic
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(@cryptic)
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I'm also waiting for my eToro account manager to respond but I don't expect much from him.

Some interesting things I found in their T&Cs https://1mr3lc1zt3xi1fzits1il485-wpengine.netdna-ssl.com/wp-content/uploads/2020/11/eToro-EU-Terms-and-Conditions-German-crypto-and-set-off-updates-30.11.2020.docx.pdf

4.2 The eToro trading platform is not an exchange or a market. This means that:

(a) you can only enter into trades and investments with us on the platform, and not third parties;

(b) all trades opened on our platform must be closed on our platform;

(c) all products which you purchase on our platform can only be sold on our platform, and not a third party platform;

(d) you will generally not be able to transfer products into your eToro account, out of your eToro account or to a third party at any time. However, we reserve the right to permit and support this functionality at our discretion, including, for example, the ability for you to transfer certain products between your eToro account and electronic wallets operate by an eToro Europe affiliate; and

 

 

8. How your money is protected

8.1 eToro Europe is covered by the Cyprus Investor Compensation Fund ("Fund"). If we fail, the Fund can return your money up to €20,000 or as may be updated from time to time. For more information about the Fund, visit our website at https://www.etoro.com/customer-service/regulation-license/ and https://www.cysec.gov.cy/en-GB/complaints/tae/.

8.2 Importantly, the Fund protection is only applicable to regulated products. This means that any cryptoasset trades, including cryptoasset copy trades, are not protected, but security trades and security copy trades, and CFD trades and CFD copy trades, are protected.

9. How you can make a complaint

9.1 If you are unhappy with a Service or something has gone wrong, please contact us and we will try to put it right. You may contact us directly via: (a) the "Help" section of our platform, where you will also find our complaints procedure; or (b) the customer service section of our website at https://www.etoro.com/customer-service/.

9.2 For more information on our complaints handling procedure, please visit our website at https://www.etoro.com/customer-service/regulation-license/.

9.3 If you're still not happy with how we've dealt with your complaint, you can refer it to the Financial Ombudsman of the Republic of Cyprus or to the CySEC or to relevant courts. For more information on such alternative solutions, please refer to our complaints handling procedure.

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If according to eToro, crypto assets are real (secured) assets that we own, they should allow us to transfer them to the eToro wallet and from there to alternative wallets. They, DNB or financial authorities can still trace the movement of coins using blockchain addresses as none of the crypto assets on eToro are privacy coins so I don't see why they should block access to the wallets.

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