Online broker eToro has issued an update regarding the distribution of Flare’s Songbird Tokens.
As previously communicated, eToro has been holding the SongBird $SGB tokens that it received from Flare on behalf of all eligible users, in secure cold storage.
eToro says it will be distributing these tokens directly into these users’ eToro accounts by 23:59 GMT on November 21, 2022. These positions will be set to CLOSE only.
Due to the regulatory requirements in certain regions, eToro is unable to provide some eligible users with Songbird tokens, and will therefore be giving them the equivalent in USD, directly into their eToro investment account, on the same date.
The distribution of Songbird tokens (or the USD equivalent) for users who held XRP on the *eToroX exchange* during the December 12, 2020 snapshot will NOT be happening at this time. Additionally, due to the current regulatory environment, at this time the above statements regarding the distribution of Songbird tokens or their USD equivalent will NOT include users in the US who held XRP at the time of the snapshot.
It’s important to note that there could be tax implications from receiving the tokens or the USD equivalent. Please contact your tax advisor for more information.
Emails will be sent next week to all users eligible for Songbird tokens or the USD equivalent.
Should you wish to waive your rights to receive either the Songbird tokens or their USD equivalent, please use the following link: etoro.typeform.com/to/BM2u8Bww#gcid=xxxxx You must complete the form in the link by November 14, 2022.
Maria Nikolova
Maria has been engaged in journalism for more than 17 years, providing Forex industry coverage for the past 10 years. Before joining FNG she was Managing Editor at FinanceFeeds. Prior to that, she worked at LeapRate. Maria has a Philosophy degree from the St. Kliment Ochridski university in Sofia. She has specialized in Cognitive Science in Vienna. Her interests include psychology, AI, and linguistics.
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