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After blocking Binance, The Philippine SEC is now restricting eToro., which is an online trading platform from selling or offering securities.
The Philippine Securities and Exchange Commission (SEC) has warned the public, about eToro stating that the platform is not permitted to offer or sell securities in the country. This cautionary notice was issued in March and publicly disclosed on April 4th.
Story Began Last Year After Philippines SEC Blocked Binance
In November 2023, the SEC warned Binance, the cryptocurrency exchange, emphasizing that it lacked authorization to market or provide securities to the public.
Additionally in March, the National Telecommunications Commission (NTC) of the Philippines took action. It was to block cryptocurrency business websites due to the absence of licenses.
SEC Chairperson Emilio B. Aquino said at the time that “the SEC has found the aforementioned platform and concluded that the public’s ongoing access to these websites/apps poses a risk to the safety of the assets of investing Filipinos.”
To this end, the Philippine Securities and Exchange Commission requested that the national telecommunications agency block Binance’s website, additionally, other investment and trading pages.
That month, the SEC directed the internet service provider to restrict access, to Binances site as SEC Chair Emilio B. Aquino mentioned that the SEC has recognized this platform. They are further determined that allowing the public to access these websites/apps poses a risk to the security of Filipino investors.”
Moreover, the regulatory body condemned the platform, for utilizing media for marketing efforts targeting investors in the nation without obtaining clearance.
The Blocking Of eToro
eToro was accused by the SEC of enabling Filipinos to open client accounts on their platform to trade unregistered investment products. The Philippines Authority has advised people to be cautious about putting money into these unregistered online investment sites and their affiliates.
Moreover, the SEC cautioned individuals working as salespersons, promoters, influencers, endorsers or brokers for eToro in the Philippines. They could be fined up to $88,300 (to 5 million pesos) or face imprisonment for, up to 21 years if they break securities regulations.
eToro Website Lists The Philippines
The eToro website now lists the Philippines as a supported country. A media outlet reached out to eToro for clarification but didn’t receive an immediate response. However, the Philippines National Telecommunications Commission began blocking crypto company websites without the necessary licenses in March.
Summary
The SEC accused eToro of enabling Filipinos to trade unregistered investment products. The Philippine finance regulator warned against investing in such unregistered online investment platforms and their associates. Anyone acting as a salesperson, promoter, influencer, endorser, or broker for eToro in the Philippines may face penalties of up to 21 years imprisonment. The SEC issued a similar advisory against crypto exchange Binance in November 2023 and instructed the national internet provider to block access to its website.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of monetary loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
