eToro Germany has announced that custody of crypto assets for eToro customers in Germany will be handled by Tangany GmbH.
Tangany is a Munich-based crypto custody service provider and is supervised by the German Federal Financial Supervisory Authority (BaFin).
As of January 21, 2024, all crypto assets held by eToro Germany at that time will be transferred to Tangany for safekeeping and eToro Germany will no longer provide crypto asset custody services. After you transfer custody of your crypto assets to Tangany, you will still be able to sell or transfer your crypto assets to another custodian through the eToro platform. Please note, however, that if you transfer crypto assets to another custodian, you will no longer be able to sell them through the eToro platform.
If you do not wish to use Tangany’s custodial services, you have the option to either sell your crypto assets through the eToro platform until 21.01.2024 or transfer them to an external wallet through your eToro wallet until 15.01.2024.
The crypto asset transfer will start on 21.01.2024 and is expected to be completed no later than 29.01.2024. You will not be able to dispose of your cryptographic details during this period.
For technical reasons, the following four crypto assets will not be transferred to Tagany: NEO, FIL, THETA and LUNA. If you have 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.
Since transferring (M)IOTA is also not possible for technical reasons, eToro offers its German customers the option to convert them to Wrapped IOTA on Binance Smart Chain. These crypto assets can then be transferred to Tanganyi as wrapped IOTA. If you agree with this, you don’t need to do anything else. However, if you do not want this conversion, eToro will 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 normal charges associated with a sale.