eToro Germany Announces Transfer of Crypto Assets to Tangany for Custody

eToro Germany announced on Monday (January 1, 2024) that the custody of crypto assets for eToro customers in Germany will be handled by Tangany GmbH (Tangany), a white-label blockchain custody platform based in Germany and regulated by BaFin.

Effective January 21, 2024, all crypto assets held in custody by eToro Germany will be transferred to Tangany for custody and eToro Germany will no longer provide custody services for crypto assets.

In the announcement, eToro Germany stated: "If you do not wish to use Tangany's custody services, you have the option of either selling your crypto assets via the eToro platform by January 21, 2024 or transferring them to an external wallet via your eToro wallet by January 15, 2024."

In addition, five crypto assets including NEO, FIL, THETA, LUNA, and (M)IOTA will not be transferred to Tagany for technical reasons.

The company explained: "For technical reasons, the following four crypto assets will not be transferred to Tagany: NEO, FIL, THETA and LUNA. If you hold crypto assets in these four currencies, you can sell them or close your positions until 20.01.2024 at 23:59 CET. Otherwise, these crypto assets will be sold at market value even without your consent after the aforementioned date and the proceeds will be credited to your eToro account. You will be charged the usual fees for this sale."

Regarding (M)IOTA, eToro Germany gave an option to its German customers: "We are offering you the option to convert them into Wrapped IOTA on the Binance Smart Chain. These crypto assets can then be transferred to Tangany as wrapped IOTA. If you agree to this, you do not need to do anything else. However, if you do not want this conversion, we ask you to sell your (M)IOTA by 20.01.2024 at 23:59 CET. Otherwise, these crypto assets will be sold at market value even without your consent and the proceeds will be credited to your eToro account. This will be subject to the usual fees associated with a sale. We endeavour to make the transfer of crypto custody to Tangany as smooth and easy as possible for you."

The transfer of crypto assets will begin on January 21, 2024, and is expected to end no longer than January 29, 2024. during this period, users will not be able to dispose their crypto assets on the platform.