eToro Secures BitLicense and Money Transmitter License in New York

eToro, the leading social trading platform, announced that its subsidiary, eToro NY LLC's, has secured its money transmitter and virtual currency licenses, the later known as BitLicense, from the New York State Department of Financial Services (NYDFS).

Once eToro NY LLC is officially operational, eToro's virtual portfolio, social investment tools, and trading services of stock, cryptocurrency and options will be extended to customers in New York State, according to the company's announcement.

Yoni Assia, eToro's co-founder and chief executive, said that securing our BitLicense and money transmitter license in New York was a key milestone in the company's continued expansion in the United States, while also demonstrating its commitment to working with regulators and national entities.

"The right time to start investing is always now and we are incredibly excited to bring eToro's unique proposition to the residents of New York State," said Lule Demmissie, US CEO of eToro. "eToro believes that the secular trend that has powered the growth of the individual trader and investor will continue. Yes, engagement has fallen from the crazy highs of 2021, but we still see growing participation. The overarching story remains one of individual empowerment with ordinary investors accessing a wide array of instruments including crypto, stocks and options."

The trading platform has been regularly expanding its offerings. Last month, it launched an AI portfolio InvestorAI-US​ with UK fintech Bridgeweave, offering investment opportunities in high-growth US companies. That same month, the company also announced the launch of ValueGurus, a portfolio offering retail investors long-term exposure to the companies cherry picked by influential financial personalities who choose value investing.

Last November, eToro expanded its product lineup by adding 73 stocks and ETFs. Furthermore, the broker had expanded its US offering in the month by adding options trading​, in addition to stocks, exchange traded funds (ETFs) and cryptoassets.