eToro is charged by the Philippine SEC with offering unregistered securities.
Following a national ban on Binance, the Philippines’ securities regulator has shifted its focus to the online trading platform eToro.
The Securities and Exchange Commission of the Philippines declares in an advisory against the online trading platform eToro that the company lacks authorization to sell or offer securities in the country.
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Financial regulators have issued
The SEC wrote in its advisory, “ETORO’s operations permit Filipinos to create user accounts on their platform for the purpose of investing and trading unregistered investment products.”
It stated that the company lacks the licenses and authority required by the Securities Regulation Code to sell securities, operate as a broker-dealer, or operate an exchange for trading securities in the Philippines and is not registered as a corporation in the country.
EToro, a 2007-founded multinational trading corporation, is well-liked by Millennials. Globally, the multiasset investment firm has more than 33 million registered consumers, as reported.
The Philippine finance regulator cautioned the public “to exercise caution before investing in these types of unregistered online investment platforms and their representatives,” despite the fact that the company in question is a multinational enterprise.
Individuals acting as agents, promoters, influencers, or salesmen for eToro in the Philippines who violate securities laws could face fines of up to $88,300 (5 million Philippine pesos) or 21 years in prison, according to the bulletin.
Presently, the eToro organization’s website lists
Cointelegraph attempted to obtain clarification from eToro but did not receive a response immediately.
The SEC published a comparable advisory in November 2023.
Without the proper licenses, the National Telecommunications Commission (NTC) of the Philippines began disabling the websites of cryptocurrency companies in March.
The Cointelegraph reported later that month that the national internet provider was instructed by the SEC to block access to Binance’s website.
SEC Chairperson Emilio B. Aquino stated at the time, “The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites and apps poses a threat to the security of the funds of investing Filipinos.”
