Australian Regulator ASIC Sues eToro for Offering High-Risk Derivative Products

Crypto trading platform eToro finds itself in major trouble as the Australian Securities and Investments Commission (ASIC) has filed a lawsuit against them for offering high-risk leverage derivative products that allow users to speculate on cryptocurrencies. In an official statement on Thursday, August 3, ASIC accused eToro Aus Capital Ltd. of breaching the distribution and design obligations of its contract for difference (CFD) product. Crypto trading platform eToro offers a variety of CFDs, which are leveraged derivatives contracts. ASIC said that the crypto trading platform performed insufficient screening tests while offering leveraged derivative contracts to retail investors.

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