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Philippines SEC Moves on eToro, Says Platform Offers Unregistered Securities
eToro, an online trading platform, is the latest firm to find itself on the wrong side of the Philippines’ securities regulator. This follows after the Securities and Exchange Commission (SEC) of the country accused the platform of selling or offering securities without obtaining the authorization to do so.
Recall that the securities regulator had previously banned popular cryptocurrency exchange Binance from offering its services in the country. Now, however, it appears that the same fate may have just hit eToro.
In an advisory that was issued in March but publicly published on April 4, the Philippines SEC told the public that eToro’s services are not legally permitted. The regulator noted that eToro is yet to register as a corporation in the Philippines. Hence, it lacks the required operational license as provided by the Securities Regulation Code. This means that the platform ha
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