The Securities and Exchange Commission (SEC) in the Philippines has issued a warning about the online trading platform eToro, stating that it is not authorized to sell or offer securities in the country. The advisory, which was posted publicly on April 4, informs the public that eToro is not permitted to sell or offer securities to the public in the Philippines. The SEC stated that eToro’s operations allow Filipinos to create user accounts for the purpose of investing and trading unregistered investment products. The advisory also mentioned that eToro is not registered as a corporation in the Philippines and does not have the necessary licenses or authority to sell securities, operate as a broker-dealer, or run a securities trading exchange in the country. Despite being a multinational company with millions of registered users worldwide, the Philippine finance regulator advised caution when investing in unregistered online investment platforms like eToro. The advisory warned that individuals acting as salespeople, promoters, influencers, endorsers, or agents for eToro in the Philippines may face penalties for violating securities laws. The eToro company website currently lists the Philippines as a supported country. Cointelegraph reached out to eToro for clarification but did not receive an immediate response.
eToro accused by Philippines SEC for providing unregistered securities