- Philippines SEC issues official warnings against unlicensed operation of eToro and XM trading platforms within the country.
- Promoters of these platforms in the Philippines could face severe penalties, including hefty fines and jail time.
The Philippines Securities and Exchange Commission (SEC) warns investors against popular trading platforms eToro and XM, stating they operate without proper licenses within the country.
Despite their global presence, the SEC emphasizes that these platforms cannot legally offer securities or investments to Filipino citizens.
The SEC highlights their aggressive social media campaigns targeting Filipinos. It stresses the need for caution when dealing with any unregistered investment platforms to avoid potential scams.
The regulator warns that those promoting eToro or XM within the Philippines could face severe legal penalties, including fines and imprisonment.
