UNFORTUNATELY THIS IS NOT A CLICKBAIT! ETORO WILL BE BAND HERE IN THE PHILIPPINES!

 

Etoro, the popular online trading platform for forex, commodities, stocks and crypto has officially been outlawed here in the Philippines. So, what this mean for your investments and can you still get out? 

So let's discuss about Etoro pulled out here in the Philippines. I received an email from Etoro just last September 2024, it says that we'll be closing your account. So, important details to note, our accounts still open up until December 8 and on or before that day, you have to close all of your open positions and you should be able to request all of your withdrawals from your available funds. You also have to note that the coin transfers in our crypto positions, by December 1, 2024 it will stop and then the wallet access itself will be fully blocked on December 15, 2024. So, nobody will transfer out coins by that that time. We have no access totally to the Etoro accounts by February 7,2025.

It started around November 2023, I believe around this time the SEC Philippines started to threaten to band Binance here in the Philippines. Binance is no longer accessible here in the Philippines. it is already block. 

Mr. Lee, SEC commissioner said "First and foremost, the SEC has to protect the credibility of our markets- and this can only happen if it is assiduous in efforts to secure investors against potential and actual harm. Part of this efforts is to be strict in the agency's regulatory function: we only allow entities, whether local or foreign, to operate in the Philippines once they are registered with the SEC or other Philippines regulators.

The SEC press release against Etoro. From the SEC website (the Security and Exchange Commission) This is officially entitled SEC advisory against Etoro. It starts off with a description of Etoro but let's jump in into the meteor sections while it appears that the operator of the platform is a registered broker/ dealer in different jurisdictions in the Philippines before securities and investment products can be sold or offered to the public, the Securities Regulation Code requires, number one: that the securities being offered are registered with the Philippine Securities and Exchange Commission, number two: that the Securities must be issued by a corporation or a license dealer both of which should be registered in the Philippines and number 3: possesses a secondary license to sell or offer Securities in the public. The operator of the platform Etoro is not registered as a corporation in the Philippines and operates without the necessary license in view thereof the public is hereby advised to exercise caution before investing in these kinds of unregistered online investment platforms. This is for the guidance of the public, dated March 14, 2024 from Makati.

Yes, put simply Etoro is outlawed here in the Philippines as of this day October 18, 2024, Etoro is still accessible. I can still use the app, I can still use the website, I can still close trade and stop copy traders but I can no longer buy or copy trade anymore. 

In my opinion, Etoro has no way to do such an illegal act even if they are not registered in SEC PH. Come to think of it, they are holding investors internationally and only few investors here in the Philippines in which market price is low compared to global market. SEC requires entities to pay taxes, aside from that main reason that it is a risk.

I believe SEC Ph. communicated to Etoro and propose that Etoro must have registered entity here in the Philippines locally for them to be able to continue there operation as a broker accounts here in the Philippines. Maybe they have not agreed to SEC Philippines conditions and knowing the market here in the Philippines, Etoro would not take that hassle to comply, it is not worth it. 

This is my own opinion, if SEC Philippines will continue to block international brokers, decentralized or centralized exchange, they are like blocking Filipinos to gain success in global market both in stocks and crypto. It is actually an opportunity for Filipinos to help the economy. 

Co investors in Etoro, we have no choice but to withdraw our position as soon as possible while the market is in favor with us, especially the crypto. 

Thank you everyone, God bless us all.