eToro Launches Crypto Trading in New York After Securing Key Regulatory Licenses

eToro just cracked New York. The online trading platform grabbed the state’s BitLicense and Money Transmitter License, opening crypto trading to over nine million New Yorkers across all five boroughs.

Getting these licenses wasn’t easy – New York’s crypto rules are among the toughest in America. The BitLicense alone can take years to secure, with most companies giving up halfway through the process. eToro’s CEO Yoni Assia said the approvals put his company in a strong position to expand crypto offerings nationwide. He’s also rolling out a new non-custodial wallet that works separately from users’ main investment accounts, giving traders more control over their digital assets.

Not exactly overnight success here.

Andrew McCormick runs eToro’s U.S. operations and he’s pretty excited about the New York breakthrough. McCormick: “New York is the epicenter of financial markets and a hub of innovation.” He thinks this move completes eToro’s U.S. puzzle, bringing the platform to 48 states total. Only Alaska and Hawaii remain off-limits for now, though McCormick didn’t say when those markets might open up.

Trading Surge Despite Crypto Decline

eToro’s numbers tell an interesting story about where retail investors are putting their money these days. The platform saw trading jump 81% year-over-year in February, even though crypto volumes actually dropped during the same period. Seems like traders moved into stocks and ETFs instead of digital assets, which probably helped eToro’s bottom line since those trades generate different fee structures.

Assets under administration hit $17.6 billion, up 13% from last year. Funded accounts reached 3.9 million users. That’s a lot of people trusting eToro with their money, especially considering the platform only started offering crypto in most U.S. states within the past few years.

eToro’s internal survey found something pretty revealing about American crypto attitudes. About 36% of U.S. retail investors currently hold cryptocurrency, with another 17% planning to buy more soon. Those numbers suggest there’s still room for growth, especially in a state like New York where crypto access was limited until now.

But the survey didn’t break down which cryptocurrencies people prefer or how much they’re actually investing. This echoes themes explored in Australia Forces Crypto Exchanges to Get, underscoring the shifting landscape.

European Expansion Continues

Meanwhile, eToro’s adding 250 UCITS ETFs to its European platform. UCITS funds pulled in €330.6 billion during 2025, bringing total assets to €2.57 trillion. European investors seem hungry for these regulated fund options, and eToro wants a piece of that action.

The timing makes sense – crypto’s been volatile lately, so offering traditional investment vehicles gives users more ways to diversify their portfolios. McCormick and his team probably see this as a hedge against crypto market swings.

eToro’s also planning to hit the Singapore Summit on April 1st, looking to connect with Asian brokers and expand into those markets. Asia’s crypto scene is huge, but regulatory frameworks vary wildly from country to country. Singapore’s generally been crypto-friendly, so it’s a logical starting point for regional expansion.

The company launched educational webinars throughout April, trying to teach retail investors about cryptocurrency basics. These sessions cover wallet security, market analysis, and risk management – stuff that new crypto traders definitely need to know but often skip.

Daily active users jumped 15% last quarter, partly thanks to mobile app improvements that now include real-time market alerts and personalized investment recommendations. The app updates came after user complaints about slow notifications and confusing interfaces. Analysts have drawn connections to Gibraltar Licenses First Prediction Market Operator amid evolving conditions.

eToro’s Q1 earnings report drops later this month. Analysts want to see how commission income held up during the recent market turbulence, and whether the New York launch will boost revenue projections for the rest of the year.