Patience Pays: eToro Takes 3 Years to Unlock New York's Notorious BitLicense—With Only 20 Tokens to Show For It

After more than three years of waiting, eToro has finally flipped the switch on crypto trading for New Yorkers. The platform received its BitLicense from the New York State Department of Financial Services in February 2023—making it the first firm to snag one after the FTX collapse—but activating the license proved trickier than obtaining it. New York users can now trade approximately 20 tokens, a modest menu compared to the roughly 115 crypto assets eToro offers across its 47 other U.S. states and 74 international markets. It's like finally getting backstage access only to find the rider has been watered down to tap water and crackers.

The delay speaks volumes about New York's regulatory teeth. Fewer than 40 firms have ever secured a BitLicense, and the operational hurdles to actually launch are steep. eToro also holds a Money Transmitter License in the state, giving it a dual-license setup that adds another layer of operational complexity. Head of eToro U.S. Andrew McCormick noted the timeline overran internal expectations, saying the firm had anticipated launching within a year of receiving approval. Turns out New York doesn't just hand you a golden ticket and wish you well.

The launch extends eToro's crypto trading footprint to 48 U.S. states, with Hawaii and Nevada still sitting this one out due to separate licensing requirements. Staking for New York users remains in the pipeline, pending NYDFS sign-off on updated business plan filings. Apparently some states require you to file paperwork in triplicate, get it notarized by a blindfolded llama, and wait another decade.

For context, U.S. crypto activity on eToro dropped 36% year-over-year in February 2026, making New York's compliance unlock a strategic priority—not necessarily an immediate volume catalyst. The near-term variables to watch: token expansion beyond the initial 20 and whether NYDFS approves those staking plans. How competitive the offering becomes depends largely on those two factors. Nothing says "we're back" like a curated playlist of 20 coins when your users are used to the full Spotify library.

The BitLicense framework, introduced under 23 NYCRR Part 200 in June 2015, remains the most demanding state-level crypto licensing regime in the country. It authorizes custody, transmission, and trading for New York residents, but requires a separate legal entity, ongoing capital adequacy checks, robust AML programs, and continuous supervisory access. eToro clearing that bar during post-FTX heightened scrutiny wasn't lost on the team. Walking through the BitLicense process is basically speedrunning the world's most boring obstacle course while regulators take notes.

"We were in the process, near the finish line, when that happened, and as it should, it certainly increased the scrutiny and diligence," McCormick said. Whether 20 tokens and a