Author: staff

In a significant move by the Securities and Exchange Commission of the Philippines, any “salesmen, brokers, dealers or agents” promoting eToro within the country now face severe repercussions. As per the local regulator’s statement, engaging in such activities could result in a hefty monetary fine of 5 million pesos (approximately US$88,500), imprisonment for up to 21 years, or both. This stringent measure follows the regulator’s determination that eToro is “not authorized to sell or offer securities to the public in the Philippines.” This announcement was made through an advisory issued on March 14 and later shared with the public. The…