The Philippines Securities and Exchange Commission (SEC) has issued an advisory opinion against eToro, an online brokerage that offers cryptocurrency and stock trading, stating that the platform is not authorized to sell or issue securities in the country. The opinion was issued in March and made public on April 4.
“eToro’s business allows Filipinos to create user accounts on its platform to invest in and trade unregistered investment products,” the SEC said. It noted that eToro is not registered as a company in the Philippines and does not have the necessary licenses or authority under the Securities Regulatory Act to sell securities, operate as a broker-dealer, or operate a securities trading exchange in the Philippines.
The announcement added that anyone who acts as an eToro salesperson, promoter, influencer, spokesperson, or agent in the Philippines may face a fine of up to $88,300 (Php5 million) or 21 years in prison for securities violations.
The eToro website currently lists the Philippines as a supported country, and eToro has not yet commented on this. (Cointelegraph)