After expanding to the Philippines back in 2019, online stock trading app eToro is pulling out of the country. We received an email confirming this, stating that “as part of our ongoing review of the regions in which we operate, eToro will no longer be offering services to users (including its crypto wallet, CopyTrader, and Smart Portfolios) based in the Philippines.”
Following the said advisory, eToro advises all of its users based in the country that they only have until December 8, 2024 to close all open investments and withdraw funds. Starting December 1, eToro will stop its coin transfer services, while Wallet access for crypto will be blocked on December 15. Finally, eToro will delete all accounts on February 7, 2025.
While eToro did not state the reason why it is pulling out of the country, the Securities and Exchange Commission (SEC) did issue an advisory against eToro last March 19, 2024. In its advisory, the SEC explained that eToro is “not authorized to sell or offer securities to the public in the Philippines.
“eToro is not registered as a corporation in the Philippines and operates without the necessary license and/or authority to sell or offer any form or securities,” the SEC said in their advisory.