- Philippines SEC declares eToro as unauthorized to operate in the country, and issues advisory against the platform.
- Promoters of eToro in the Philippines could face imprisonment upto 21 Years and significant fines.
The Philippines Securities and Exchange Commission (SEC) has issued a public advisory against the online trading platform eToro. The regulator states that eToro is unauthorized to operate or offer securities in the country.
The SEC further warns that promoters of eToro in the Philippines could face a severe penalty of up to 5 million pesos (about US$88,500) or imprisonment of up to 21 years, or both.
The advisory emphasizes that eToro is not authorized to sell or offer securities to the public in The Philippines.
The local regulator mandates that platforms offering securities and investment products in the country must ensure that the securities are locally registered and issued by a registered corporation or dealer.
Additionally, the issuer must possess a secondary license to sell or offer securities to the public.
