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eToro Adds Insolvency Insurance Policy – Crypto Users Not Included
The free insurance scheme covers customers for up to £1 million if the firm should ever become insolvent. But crypto holders are left out in the cold.
Investment platform eToro is now providing a free insurance scheme that will pay its customers holding traditional assets up to £1 million ($1.292 million) if the firm should ever become insolvent.
STORY CONTINUES BELOW
- In an emailed announcement on Monday, eToro said the new policy is underwritten by Lloyd's of London and would apply in "the unlikely event that eToro were to enter a state of insolvency."
- If it goes bust, the firm said the policy would "cover clients for losses above the relevant financial compensation schemes to a value of £1 million, and in accordance with the purchased policy."
- In the U.K., the Financial Services Compensation Scheme would cover up to £85,000 (around $110,000) held in investments.
- The policy also covers both cash held on eToro's platform and open accounts but cryptocurrencies are not included because they are "unregulated assets," the firm stated.
- eToro said the insurance would bring its millions of global users "additional peace of mind."
Also read: Bitstamp Adds Crypto Crime Insurance for Assets Held Online
Daniel Palmer
Previously one of CoinDesk's longest-tenured contributors, and now one of our news editors, Daniel has authored over 750 stories for the site. When not writing or editing, he likes to make ceramics.
Daniel holds small amounts of BTC and ETH (See: Editorial Policy).
