eToro US Head Steps Down After Two-Year Tenure; Alain Tennekoon Takes Over

Andrew McCormick, Head of US operations at eToro, has stepped down from his role, announcing the departure on LinkedIn. In a post, he wrote: "My time here has come to an end but I'll forever be thankful for an unforgettable adventure." eToro stated that Alain Tennekoon, Head of Operations and Service for its US business, will assume McCormick's responsibilities.

The company commented on his departure, saying: "We thank McCormick for his contributions to eToro's U.S. business and wish him the very best in his new role." McCormick had taken on the role of Head of eToro US after Lule Demmissie stepped down as CEO of the company's US operations, serving for around two years. He was promoted from his previous position as US Senior Counsel, which he held for more than two years at the firm.

Reflecting on his time, McCormick said, "The work was challenging," adding that he was "blessed to have spent the past 4.5 years with a team full of passion, integrity, and kindness." He also expressed gratitude for "the lessons learned" and for "the work we did to help investors."

Prior to joining eToro, McCormick worked at Morgan Stanley as Vice President, Regulatory Enforcement and Litigation Counsel for around one year and four months. There, he handled regulatory investigations following Morgan Stanley's acquisition of E*TRADE. Earlier, he spent around four years at E*TRADE, serving as Director and Associate General Counsel and as Assistant General Counsel, advising on regulatory matters.

Meanwhile, eToro has expanded its crypto trading services to residents of New York, allowing users to buy and sell digital assets alongside stocks, ETFs, and options. The move extends the company's crypto offering to 48 U.S. states following approval from New York regulators, having secured the necessary state licenses.