A warning regarding the online trading platform eToro has been released by the Philippines Securities and Exchange Commission (SEC). According to the advise, which was released to the public on April 4, eToro is not permitted to sell securities in the Philippines.
According to the Philippine Securities Regulation Code, eToro does this without seeking corporate registration or authorization, in the opinion of the SEC. As a result, eToro is unable to operate a securities exchange or sell stocks.
When eToro first debuted in 2007, millennials took an immediate liking to it. Currently, millions of users are mentioned globally. With offices in 140 countries, including the Philippines, and a cash worth of $3.5 million, eToro is a globally recognized brand that contributes to local communities.
According to the financial authority for the Philippines, investors that trade cryptocurrencycurrency through unapproved eToro are probably taking a big risk. Information regarding the SEC’s provisions that subject eToro users in the Philippines to fines of around 5 million pesos and up to 21 years in jail has also been made available.
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